New Lessons from Australia to Improve Pension Outcomes

Price, William

World Bank, Washington, DC

关键词: AUCTION;    NEW MARKET;    CAPITAL MARKETS;    REGULATORY FRAMEWORK;    BASIS POINTS;   

RP-ID  :  104792

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The Australian Government commissionedthe independent Financial System Inquiry or ‘Murray Review’to provide recommendations to improve private pensions(superannuation), as well as financial system resilience,innovation and consumer protection. This continuesAustralia’s proactive approach - regularly reviewing how toimprove a system that already has good features. Therecommendation for a clear (and legally binding) statementof what the retirement system is trying to achieve is asensible move. It mirrors what is happening in a range ofWorld Bank projects, to start with the long-run outcomes andthen work backwards to find the best ways to achieve them,in terms of regulation, supervision, market structure andefficient infrastructure. This note reviews the key analysisand recommendations from the review of the private pensionsystem in Australia known as the ‘Murray Review’. Itprovides a commentary on the implications for pensionreforms using World Bank experience in a range of projects.