President Donald Trump said Monday that his administration is developing a retirement savings proposal modeled on Australia’s retirement system, with the goal of creating a plan that could strengthen retirement security for American workers, as reported [1] by Fox Business.
Speaking during a Rose Garden lunch, Trump said the administration is closely studying Australia’s approach while also promoting the newly launched Trump Accounts program for children.
“I made reference today that Australia has a thing going that’s very good – it’s really worked out very well,” Trump 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. But we’re going to be doing that.”
The proposal would build on the administration’s broader retirement initiatives and would focus on adults, complementing the children’s investment accounts created under Trump’s recently enacted tax-and-spending legislation.
Earlier Monday, Trump discussed the concept during remarks in the Oval Office, saying the administration intends to work with Congress on the proposal.
“That would be more for grown-ups, as opposed to children,” Trump said, adding that the administration would discuss the proposal with lawmakers and “try very hard” to get it done.
According to Trump, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and other administration officials are already working on the retirement savings proposal.
He described it as a companion effort to the Trump Accounts program, which was created to help eligible children begin building long-term savings through government-backed investment accounts.
Trump has pointed to Australia’s retirement system as a model that could provide useful ideas for the United States. Australia’s retirement framework is centered on a mandatory savings program known as “superannuation.”
Under that system, employers are required to contribute 12% of a worker’s ordinary earnings into tax-advantaged retirement accounts.
Those accounts are primarily managed by private investment funds, according to the Center for Retirement Research at Boston College.
The president has expressed interest in adapting aspects of that system rather than duplicating it outright, saying the administration wants to refine the concept for American workers.
Trump first publicly raised the idea in December while announcing a $6.25 billion donation from Michael and Susan Dell to support Trump Accounts.
At that time, he said the administration was studying an Australian-style retirement savings system designed to benefit “working people.”
Since then, administration officials have continued evaluating possible approaches as part of a broader effort to encourage long-term savings and investment.
The renewed focus on retirement policy comes as lawmakers continue debating the long-term financial outlook for Social Security.
Policymakers have been examining various proposals intended to strengthen retirement security while addressing future funding challenges facing the federal program.
The Center for Retirement Research has noted that Australia’s retirement system consistently receives strong international ratings.
At the same time, the organization has argued that improving retirement security in the United States would also require measures to strengthen Social Security and expand access to employer-sponsored retirement plans.
Trump indicated he believes an Australian-inspired retirement savings program could provide meaningful benefits if Congress approves the proposal.
“It’s something that’s going to be great, I think, if we can get it done,” Trump said in the Oval Office.
The administration has not yet released legislative language or a detailed framework for the proposal.
Trump said discussions with Congress will be necessary before moving forward, while administration officials continue developing the plan alongside the recently launched Trump Accounts initiative.