In contrast, the Federal Government’s income support for people of working age is 4.3% of GDP, compared with the OECD average of 4%, according to the latest OECD survey on health and welfare spending.

Business writer David Uren says the only OECD members spending less government money on older people are Iceland, Mexico, Chile, South Korea and Ireland – all relatively low-income nations.

“The main reason for Australia’s low outlay is the expectation that people will finance their own retirement, enforced by means testing the pension for both assets and income and by the compulsory superannuation scheme.”

Instead Australians make more private contributions. Superannuation makes up 4.7% of GDP while voluntary contributions, such as extra super savings and private health insurance, add another 1.2%.

The point – if you can afford to pay, don’t expect the Government to pick up the tab.