Rusty Russell on Nostr: Australia transitioned away from defined benefit schemes in the eighties and early ...

Australia transitioned away from defined benefit schemes in the eighties and early nineties, and has increased retirement age (not a legal concept here, but when you can access a pension or your benefits) has been increasing too, from 55 when I was young to 67 currently.

I'm not a huge fan of the resulting system in its details, but it's a sign that people and politicians used to care about longer-term thinking. (Interestingly, these reforms were from the Left, not Right, which maybe explains why they happened?).