Australia prepares for new wave of retirees

Reporting framework: People walk through the central business district in Sydney at dusk. The government will be updating regulations in the coming years and is also planning a new reporting framework for retirement outcomes. — Reuters

SYDNEY: The Australian government is proposing a raft of changes for the nation’s A$3.9 trillion (US$2.5 trillion) pension industry, to prepare for the retirement of an estimated 2.5 million people over the next decade.

The planned reforms are to be announced by Treasurer Jim Chalmers.