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This paper discusses the market for retirement income products in Australia, and in particular focuses on the current parlous state of the annuities market in Australia. While retirement products generally have become relatively more important in recent years, the growth in these has been predominantly in phased withdrawal products which offer no longevity insurance. It argues that the virtual disappearance of the longevity insurance market in Australia exposes Australians to much greater uncertainty about their well-being in later life than is necessary, and that this risk is greater than is generally recognised, both because of Australia's reliance on mandated Defined Contribution (DC) structures for income replacement in retirement, and because middle age longevity is increasing very rapidly. It suggests that both the private market and government intervention will need to be harnessed to address this issue, that government policy requires co-ordination across several agencies whose regulatory decisions impact on the retirement products market, and that inaction will lead to a long term prospect of arbitrary and ill-considered government action to meet the realised uninured outcome.

Too Much Risk to Insure? The Australian (Non-) Market for Annuities