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President Donald Trump said Monday his administration is developing a retirement savings proposal modeled in part on Australia’s system, arguing the approach could help Americans build greater financial security for retirement.
Speaking during a Rose Garden event, the president said the administration is studying Australia’s retirement savings program as it looks to expand on its recently launched Trump Accounts initiative for children.
“I made reference today that Australia has a thing going that’s very good, it’s really worked out very well,” he said. “We’re looking at that very strongly. We’re going to be taking that, and we’re going to be maybe making it a little bit sharper, a little bit even better.”
Earlier in the day, President Trump told reporters in the Oval Office that the proposal would focus on adults rather than children and said the administration plans to work with Congress to advance the idea.
“That would be more for grown-ups, as opposed to children,” he added. “We’ll try very hard to get it done.”
President Trump said Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and other administration officials are developing the proposal.
Australia’s retirement system centers on a mandatory savings program known as superannuation, which requires employers to contribute a percentage of workers’ earnings into tax-advantaged retirement accounts managed primarily by private investment funds.
The administration’s interest in the Australian model comes as policymakers continue to debate the long-term financial outlook for the Social Security Administration and broader retirement security for American workers.
President Trump first expressed interest in adopting elements of Australia’s retirement system last year while discussing the Trump Accounts program, which provides government-funded investment accounts for eligible children under legislation signed into law earlier this year.
Policy analysts have noted that while Australia’s retirement system receives high international rankings, strengthening retirement security in the United States would likely require a combination of reforms, including measures addressing Social Security’s long-term finances and broader access to employer-sponsored retirement plans.