Trump Considers Adopting Australia's Retirement Model for U.S.

WHO:

Fox Business - President Trump, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and other administration officials.

WHAT:

Fox Business - Trump is considering an overhaul of the American retirement system inspired by Australia's model.

Fox Business - Trump described the proposed retirement savings plan as potentially putting people in "much better shape" by retirement age.

Fox Business - Trump mentioned a $6.25 billion donation from Michael and Susan Dell for "Trump Accounts" aimed at children.

Newsweek - Experts are skeptical that the Australian-inspired system would improve Social Security.

WHERE:

Fox Business - The discussions are taking place in the Oval Office and the Rose Garden.

WHEN:

Fox Business - Trump first expressed interest in the Australian model in December.

WHY:

Fox Business - The renewed push for retirement reform comes as lawmakers face pressure over the long-term finances of Social Security.

Fox Business - Trump stated that the new retirement plan would be a companion effort to the children's investment accounts launched under his tax-and-spending law.

HOW:

Fox Business - The Australian retirement system is based on "superannuation," which requires employers to contribute 12% of a worker’s ordinary earnings into tax-favored retirement accounts managed by private funds.

(UPDATED July 7, 2026 13:46 UTC)

President Trump, along with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, is considering a significant overhaul of the American retirement system, drawing inspiration from Australia's model. He believes this proposed retirement savings plan could put people in "much better shape" by retirement age, and he highlighted a $6.25 billion donation from Michael and Susan Dell for "Trump Accounts" aimed at children. The discussions are taking place in the Oval Office and the Rose Garden, as lawmakers face increasing pressure regarding the long-term finances of Social Security.