Raising the pension age is just the beginning

Raising the retirement age to 70 years will help to address fiscal sustainability, but the government will need to embrace a range of other reforms to prevent long-term pain.

Treasurer Joe Hockey will receive a lot of flak for suggesting that the pension age should rise. But instead he deserves a lot of credit for finally focusing on the long-term challenges facing the federal budget.

I’ve been critical of the Treasurer and indeed the media for focusing primarily on short-term budget fluctuations and ignoring the long-term structural budget issues.

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