Unlike some systems which have a public pension based on contributions over the working life of an individual, the Australian Age pension is generally viewed as a (means tested) entitlement, regardless of years of labour force participation.

The appropriate relationship between, and levels of the official retirement age and the preservation age, warrant much more study, and more consideration also needs to be given to equity and lifestyle choice considerations than is implied by the current focus on primarily national output and budgetary considerations.

This independent report was prepared for AIST Union by the Australian Centre for Financial Studies. The principal author of this report is Professor Kevin Davis, Research Director at the Australian Centre for Financial Studies