Chronology of Superannuation and Retirement Income in Australia

By Leslie Nielson and Barbara Harris

Introduction

Retirement income and superannuation have been significant themes for the Commonwealth Government since Federation. In common with other countries Australia’s retirement income system has three component parts or pillars as they are known. The social security Age Pension is its foundation. The compulsory superannuation contributions under the Superannuation Guarantee regime is its second pillar. The third pillar is additional savings, often made through additional superannuation contributions. The following chronology notes some of the significant dates in the development of the current retirement income system.