Trump Administration Explores Australia-Style Retirement Savings Model for American Workers

President Donald Trump announced that his administration is studying a retirement savings plan modeled after Australia’s superannuation system, positioning it as a potential expansion of his recent “Trump Accounts” initiative for children.

“Australia has a thing going that’s very good – it’s really worked out very well,” Trump said during a Rose Garden lunch Monday. “We’re looking at that very strongly. We’re taking that, and we’re going to be maybe making it a little bit sharper, a little bit even better.”

The proposal would represent a companion effort to the children’s investment accounts launched under Trump’s recent tax-and-spending legislation, with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick assistng in development, according to the president.

“That would be more for grown-ups, as opposed to children,” Trump said earlier Monday in the Oval Office, adding that the administration plans to brief Congress and “try very hard” to move the initiative forward.

Australia’s retirement system centers on “superannuation,” a mandatory program requiring employers to contribute 12% of worker earnings into tax-favored retirement accounts largely managed by private funds.

The renewed focus arrives amid ongoing legislative pressure over Social Security’s long-term finances. While Australia’s model is internationally recognized, experts note the U.S. would still need to bolster Social Security and expand workplace retirement access to meaningfully improve retirement security.

Trump initially expressed interest in the Australian framework in December following a $6.25 billion donation from Michael and Susan Dell to fund Trump Accounts, which offer eligible children a $1,000 government deposit and up to $5,000 in annual contributions.

“It’s something that’s going to be great, I think, if we can get it done,” Trump said in the Oval Office.

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