Australia to spend less on age pension despite doubling of retirees, intergenerational report shows

Australia on track for pension payments to shrink from 2.3% of GDP to 2% by 2062-63 as superannuation balances balloon

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Australia is projected to spend proportionately less on the age pension thanks to superannuation despite a projected doubling of people aged 65 and older, the intergenerational report will show.

The report, set to be released in full on Thursday, is also expected to show a substantial change in Australia’s tax base over four decades, including a dramatic reduction in fuel excise as motorists increasingly opt for electric vehicles.

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