President Trump recently ordered Commerce Secretary Howard Lutnick to explore Australia's retirement model as a way to reform the US retirement savings system.
It's not the first time Trump has tossed out the country's system as one that interests him. He has been dancing around it for months now.
"They have a plan in Australia, which people really like," Trump said on July 6, when he met with BlackRock CEO Larry Fink, who has been touting Australia's program for a few years.
"It's really worked out very well," Trump added. "We're going to be talking about that with Congress and see if we can implement it."
Australia's system includes superannuation funds that require employers to supplement workers' wages with contributions to privately managed pensions at a rate of 12% of employees' salaries.
It's not the first time Trump has tossed out the country's system as one that interests him. He has been dancing around it for months now.
"They have a plan in Australia, which people really like," Trump said on July 6, when he met with BlackRock CEO Larry Fink, who has been touting Australia's program for a few years.
"It's really worked out very well," Trump added. "We're going to be talking about that with Congress and see if we can implement it."
Australia's system includes superannuation funds that require employers to supplement workers' wages with contributions to privately managed pensions at a rate of 12% of employees' salaries.
3 months ago
