Macquarie University
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Essays on post-retirement financial planning and pension policy modelling in Australia

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posted on 2022-03-29, 00:39 authored by Jie Ding
This thesis presents long-term projections of the cost of public pensions in Australia, with retirees' behaviours modelled with the developed utility model. The thesis assumes that retirees make financial decisions to maximise their lifetime utitlities, and their consumption and asset allocation react to policy changes. The thesis finds that the future cost of the Age Pension to be about 13 percent higher than estimated by the Australian Treasury in 2010's Intergenerational Report. As future cohorts retire with more savings, they can allocate more money into owner-occupied properties while preparing for retirement and draw down their savings faster, to optimise their Age Pension entitlements.


Table of Contents

Chapter 1. Introduction -- Chapter 2. Dynamic asset allocation when bequests are luxury goods -- Chapter 3. Australian retirees' chocies between consumption, age pension, bequest and housing -- Chapter 4. Modelling post-retirement finances in the presence of a bequest motive, housing and public pension -- Chapter 5. Superannuation policies and economic responses : how much age pension? -- Chapter 6. Summary and conclusions.


Thesis by publication. Bibliography: pages 290-296

Awarding Institution

Macquarie University

Degree Type

Thesis PhD


PhD, Macquarie University, Faculty of Business and Economics, Department of Applied Finance and Actuarial Studies

Department, Centre or School

Department of Applied Finance and Actuarial Studies

Year of Award


Principal Supervisor

Geoffrey Kingston

Additional Supervisor 1

Purcal. Sachi


Copyright disclaimer: Copyright Jie Ding 2013.






v, 296 pages illustrations (some colour), graphs, charts

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