Bold Steps: Australia and Other International Examples heritage.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heritage.org Daily Mail and Mail on Sunday newspapers.
Like the United States, Australia has been confronted by a dual crisis in its government-run old-age pension system. Benefits payments to an aging population threatened to consume ever larger amounts of Australia's budget according to projections in the 1980s, yet the Australian Social Security system clearly was unable to provide an adequate income for retirees.
Wage restraint under the Hawke government came at the price of a national superannuation system, and became a crucial story for The Australian Financial Review.