Former prime minister Paul Keating has called on the Albanese government to merge Australia’s private superannuation system with the public social security agency, Centrelink.
Keating, widely regarded as the architect of the nation’s $4.5 trillion retirement savings sector, argues that integrating the two systems is necessary to address structural inefficiencies in the aged pension framework.
The proposal comes as industry funds report growing anxiety among members regarding retirement adequacy.
Fund managers have highlighted a pervasive "fear of running out" of savings, suggesting that the current siloed approach to retirement income and social security may no longer serve the demographic reality of an aging population.
Keating’s intervention adds a high-profile political voice to ongoing debates about the sustainability of Australia’s dual-track retirement system.
By advocating for a unified administrative structure, the former PM is pushing for a radical simplification of how retirement benefits are managed and distributed.