President Donald Trump told reporters Monday he is “looking very strongly” at modeling a new American retirement savings system after Australia’s superannuation program, a mandatory employer-funded structure that has built one of the largest pools of retirement capital in the world. The remarks, delivered first in the Oval Office and again during a Rose Garden lunch, mark the clearest signal yet that the administration intends to move beyond the existing 401(k) framework and press Congress on a broader overhaul.
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick are already working on the proposal, Trump said. He framed it as a companion to the “Trump accounts” children’s investment program, which launched under a sweeping tax-and-spending law and offers eligible children a $1,000 government deposit with up to $5,000 in annual contributions.
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