Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

The 2010 Intergenerational report identified that between now and 2050 the number of people aged 65 to 84 years will more than double, the number of people aged over 85 will more than quadruple and nearly one-quarter of the population will be aged 65 and over compared to about 13 per cent today. Obviously, their personal retirement income is of critical importance in supporting them during their retirement years. This means that there will be only 2.7 people of traditional working age for every person aged 65 and over compared with five today. This is a huge shift in the ageing population. So the historic reforms that I have referred to in respect of superannuation will deliver a significant boost to the retirement incomes of the vast majority of Australians. (Time expired)