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Age pension cost to ease by 2060s: Intergenerational report

Michelle Grattan writes in The Conversation that, according to the government’s Intergenerational Report, Australia’s comprehensive superannuation system means spending on the age pension will decline as a proportion of GDP by 2062-63 despite a doubling of Australians aged 65 and over.

Published: 26 August 2023
Future planning
  • national
  • 26 August 2023
  • Michelle Grattan/The Conversation

Expenditure on age and service pensions is projected to fall from about 2.3% of GDP in 2022–23 to 2% in the early 2060s.

The intergenerational report puts the number of people 65 and over at about nine million by the early 2060s – up from nearly 4.4 million in the 2021 census.

But a smaller share of them will receive the pension or another income support, falling by about 15 percentage points by 2062–63.

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