Statement 4: Building Resilience Through National Saving
The statement discusses Australia's path to building its national saving and the role of Government policy in continuing this transition.
Higher national saving in recent years reflects the maturing of the compulsory superannuation system introduced in the mid‑1980s and a rise in household saving, particularly following the global financial crisis. The Government's increase in the superannuation guarantee and structural changes in household saving behaviour mean that high levels of saving will likely be maintained over coming years.
Consistent with the Government's medium‑term fiscal strategy, further improvements in government saving are desirable with the economy forecast to grow around trend. In line with this, the Government will return the budget to surplus in 2012‑13 and beyond.
Delivering surpluses, along with a further boost to superannuation, will foster fiscal sustainability in the context of an ageing population, and ensure the Government is not contributing to price pressures in the economy, providing scope for monetary policy to respond to economic developments. Higher national saving will also improve economic resilience by reducing Australia's vulnerability to external shocks.
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