Australia’s lauded private-pension system is under scrutiny
An inquiry has exposed a number of egregious rip-offs
![High fees down under](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/sites/default/files/images/print-edition/20180818_FNP004_0.jpg)
PAUL KEATING, a former prime minister of Australia, calls the country’s superannuation system “the envy of the developed economies”. In many ways, it is. The “super”, as Aussies call their private-pension provision, was a crowning achievement of Mr Keating’s premiership. In 1992 he made it compulsory for employers to set aside 3% of all but the very lowest-income workers’ wages. The payment has since crept up to 9.5%, and, by law, will rise further in 2021.
This article appeared in the Finance & economics section of the print edition under the headline “Not so super”
Finance & economics August 18th 2018
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