Trump eyes Australian pension model for US retirement savings

President Donald Trump said his administration was working on a retirement savings plan modeled on Australia’s system, promising to make it “sharper” and “even better” for American workers.

President Donald Trump’s ongoing reforms to the U.S. retirement system are taking inspiration from Down Under.

The Trump administration is working on an Australian-style retirement savings plan for American workers, suggesting the model could put people in “much better shape” before retirement age, the president said Monday.

“I made reference today to the fact that Australia has something really good going on — it’s worked really, really well,” Trump said at a Rose Garden lunch Monday, touting his new “Trump Accounts” program for kids. “We’re looking at this very carefully. We’re going to take that into account, and we’re going to maybe make it a little more precise, a little bit even better. But we’re going to do it.”

Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and other administration officials were already working on the proposal, according to Trump, who described it as a complementary effort to the Children’s Investment Accounts launched as part of his sweeping tax and spending law.

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President Donald Trump wants to leverage his “Trump Account” success to help American workers with Australian-style retirement savings plans. (Anna Moneymaker/Getty Images)

“It would be more for adults than for children,” Trump said earlier Monday in the Oval Office, adding that the administration would discuss the idea with Congress and “strive” to make it happen.

Australia’s retirement system is built around “superannuation,” a mandatory savings program that requires employers to contribute 12% of a worker’s ordinary income into tax-advantaged retirement accounts managed largely by private funds, according to the Center for Retirement Research at Boston College.

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Cheryl Casone discusses the launch of Trump Accounts, a new initiative offering eligible children a $1,000 government deposit and up to $5,000 in annual contributions.

Trump first expressed interest in the Australian model in December when he announced a $6.25 billion donation from Michael and Susan Dell for the Trump accounts, saying at the time that the administration was exploring a plan for “working people.”

The new push comes as lawmakers face pressure over Social Security’s long-term finances. The Center for Retirement Research has argued that although Australia’s system is highly rated internationally, the United States should nonetheless strengthen Social Security and expand access to workplace pension plans to significantly improve retirement security.

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“It’s something that’s going to be great, I think, if we can pull it off,” Trump said in the Oval Office.

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