Chapter 1Introduction

Referral of the inquiry

1.1On 27 November 2023, the Senate referred the following matter to the Senate Economics References Committee (committee) for inquiry and report:

Improving consumer experiences, choice, and outcomes in Australia’s retirement system, with reference to:

(a)regulatory and tax impediments to innovation and uptake of insurance products in retirement;

(b)the economic costs and opportunities of innovation in our retirement income system;

(c)the interaction of health insurance, life insurance, general insurance, and social security supports to retirement outcomes, including options to improve incentives that drive consumer outcomes and support the sustainability of the retirement income system;

(d)the potential role of FinTech platforms, technologies, and innovations in supporting better retirement outcomes;

(e)policy options to support greater choice and quality of life in the retirement income system, including but not limited to the aged pension, financial advice, home ownership and downsizing, and insurance;

(f)progress on implementing the Retirement Income Covenant; and

(g)the impact of climate change on insurance premium affordability and accessibility;

(h)the impact that climate change is likely to have on insurance premiums for products including life, home and contents and small business;

(i)the impact of climate change on the value of assets (e.g. houses, investments) of retired people; and

(j)any other related matters.

1.2The committee was to report by 30 June 2024. On 26 March 2024, the Senate granted an extension of time to report until 30 June 2025.

Conduct of the inquiry

1.3The committee advertised the inquiry on its website and wrote to relevant stakeholders and other interested parties inviting them to make a written submission by 23 February 2024. The committee published 46 submissions.

1.4Following presentation of its first interim report in May 2024 (see further information below), the committee extended the call for submissions to 28June2024. The committee published a further four submissions and nine supplementary submissions.

1.5All published submissions to the inquiry are listed at Appendix1.

1.6The committee held six public hearings as per the below table:

1.7A list of witnesses who appeared at the hearings is available at Appendix 2.

1.8Links to public submissions, Hansard transcripts of evidence and other information published by the committee for this inquiry are available on the committee’s website.

Interim reports

1.9The committee has presented three interim reports prior to this report. Details of these reports are as follows:

1.10The full text of all the interim reports, as well as the recommendations made in those reports, is available on the committee’s website.

1.11While this is the committee’s final report, the committee considers there is further work to do for this inquiry, as detailed in Chapter 2.

Acknowledgement

1.12The committee thanks those individuals and organisations who contributed to this inquiry, in particular those who made submissions or gave evidence at a public hearing.

Subject of the report

1.13This report focuses on the adequacy of responses to questions on notice provided by certain inquiry participants and the difficulties the committee has faced in trying to complete its inquiries due to these lack of responses.