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President Trump says administration is developing Australia-inspired retirement savings accounts and will discuss concept with Congress
The Apex Times

THE APEX TIMES

Politics/The Apex Times/Jul 6, 11:58 AM EDT

President Trump says administration is developing Australia-inspired retirement savings accounts and will discuss concept with Congress

Trump said Monday his team is working on a plan for “grown-ups” that mirrors elements of Australia’s superannuation system, including required employer contributions. The proposal would require congressional buy-in and further policy design before any rollout.

By The Apex Times Newsroom2 min readAI-assisted Apex article

President Donald Trump said Monday that his administration is working on a retirement savings approach for adults modeled on Australia’s superannuation system, and that officials would seek to bring the idea to Congress for possible implementation.

Speaking in remarks reported by The Hill, Trump said the administration is “working on a plan to launch accounts for adults” that would resemble the Australian system, adding that he expects it would be “very popular.” He described Australia’s plan as one that people “really like,” and said the administration would discuss the proposal with Congress to determine whether it can be implemented.

Trump said Australia’s retirement structure includes a requirement that companies contribute 12 percent of workers’ pay into retirement accounts, and he praised the program as “really worked out very well” and widely respected, according to the report. The Hill did not outline how the U.S. version would calculate contributions, whether participation would be mandatory, or how employers and payroll systems would be affected.

Separate reporting by PlanSponsor linked Trump’s latest comments to earlier administration work on expanding individual retirement account options for workers without employer-sponsored plans. PlanSponsor reported that Trump and economic advisers referenced the Australian system after signing an executive order that created the portal, which is intended to guide workers toward low-cost payroll-deduction retirement accounts, and that the administration directed Treasury and other stakeholders to carry out implementation steps.

According to PlanSponsor, an earlier administration statement from Kevin Hassett, director of the National Economic Council, described work with the Department of the Treasury and members of Congress on an approach “pretty close or in the direction of the Australian system,” with Trump interjecting “Or better” during an Oval Office briefing. PlanSponsor also reported that the executive order focused in part on implementing the Saver’s Match program under the SECURE 2.0 Act of 2022, with federal matching contributions for lower-income workers beginning in 2027.

Trump’s remarks put a spotlight on how a U.S. program modeled in part on compulsory employer contributions could differ from existing retirement incentives, including how employers would participate, how accounts would be administered, and what Congress would need to authorize to establish any new payroll framework. The Hill and PlanSponsor reports did not provide draft legislative text or a timetable for proposing legislation beyond describing engagement with Congress and ongoing administration planning.

Why It Matters

  • Any Australia-inspired model would likely require congressional action because it would involve changes to employer and payroll-related retirement mechanisms.
  • The practical policy impact would center on contribution rules, participation requirements, and administrative structure for payroll deductions and account management.
  • The remarks report continued administration attention on retirement access for workers who do not have employer-sponsored plans, through both account guidance and potential changes to contribution flows.
  • Next steps include further administration design work and negotiations with lawmakers, according to reporting that framed Congress as the venue for possible implementation.

Sources

Key Facts

  • President Donald Trump said Monday that his administration is working on a retirement savings plan for adults modeled on Australia’s superannuation system.
  • Trump said the administration would talk with Congress about whether the concept can be implemented.
  • Australia’s superannuation system, as described in the reporting, requires employers to contribute 12 percent of workers’ pay into retirement accounts.
  • The Hill reported that Trump said the Australian system is “really worked out very well” and widely respected.
  • PlanSponsor reported that the administration’s work around individual retirement account options included an executive order creating and directing Treasury steps, along with an emphasis on implementing Saver’s Match under SECURE 2.0.
  • PlanSponsor also reported prior remarks by Kevin Hassett describing consultation with Treasury and Congress on an approach “pretty close or in the direction of the Australian system.”