Lesson from Australia: Retirement benefits don’t have to bankrupt us

In an article for City AM, Dr Patrick Nolan, Chief Economist, argues that the UK can learn lessons from Australia in reforming the welfare state. Patrick writes: “The changes required to make the welfare state affordable are not easy: people saving more for retirement, scrapping the winter fuel allowance, free bus passes and TV licences, greater use of equity in homes to fund long-term care, health services being moved out of hospitals and a greater requirement for private health insurance. But, as Australia shows, these changes would put the welfare state on a more sustainable footing” (City A.M.).