President Donald Trump signs an executive order regarding federal workers contracting in the Oval Office at the White House on April 30, 2026. Brendan Smialowski/AFP via Getty Images
During an Oval Office signing ceremony on April 30, Trump’s top economic adviser Kevin Hassett pointed to Australia’s model.
“So the basic headline is if you look at the huge success of Australia, and their retirement savings accounts, that we’re working with the Treasury secretary—he and I, and Jason Smith and other members of Congress to come up with something that’s pretty close or in the direction of the Australian system.” Hassett said in the Oval Office.
Trump then added, “or better,” to which Hassett agreed.
Australia has a retirement savings program where employers are obligated to contribute 12 percent of a worker’s salary toward a fund—it differs from the U.S. 401(k), which is largely voluntary.
The current system was established by the Keating Labor government in 1992 to alleviate stress on taxpayer-funded pensions, and is now valued at over $4.3 trillion, the fourth largest savings pool globally despite the country’s smaller population.
Trump noted that there were “a couple of little glitches” in the Australian system that “we’ll get rid of.”
“It will be very exciting. It’s going to be great. We’ll be pretty quick. Pretty fast. It will move pretty fast,” Trump said.
Trump’s New Retirement Savings Platform
The remarks came as Trump signed an executive order directing the Treasury Department to establish a new online retirement savings platform TrumpIRA.gov for Americans by Jan. 1, 2027.
Trump’s plan would open up access to low-cost individual retirement accounts for millions of U.S. workers who do not have employer-sponsored retirement plans such as 401(k)s.
It is aimed, in particular, at gig workers, freelancers and independent contractors, offering them a new way to save for retirement independently.
Lower-income workers would also be eligible for up to $1,000 a year in government matching contributions under an expanded Saver’s Match program.
Hassett’s comments on April 30 referred to a second phase of the plan.
This phase would require congressional approval and is aimed at expanding access to more middle-income earners, drawing more closely to Australia’s system.
The Epoch Times has contacted the Australian treasurer’s office for comment.
