Australians born after 1965 will have to work until they are 70 before they are eligible for a pension, Australian Treasurer Joe Hockey will announce later today.
The federal government previously flagged that it was looking at raising the retirement age, with Hockey stating last month it needed to be addressed.
"It may be the case that my generation has to work for an extra three years ... the fact is that now, as in the United Kingdom, it's probably the case in Australia, one in every three children born today will live to 100," he said at the time.
The New Zealand retirement age is 65 and National has ruled out lifting it if it wins the upcoming election. Labour said last year that if it got into power it would lift the minimum age from 65 to 67. It would be phased in over six years, increasing by two months at a time from 2020.
From 1992, a rise in the age of NZ Super eligibility from 60 to 65 was phased in over 10 years.
Fairfax Media has learnt that, across the Tasman, Hockey will confirm the rise in a speech to the Australia-Israel Chamber of Commerce in Melbourne today.
The Australian retirement age is already scheduled to rise from 65 to 67 by 2023 under changes introduced by the former Labor government. The government's policy shift would ensure the age continues to slowly rise through until 2035.
The rise to 70 by 2035 is quicker than the shift suggested by the Australian government's own Commission of Audit, released on Thursday, which recommended the rise be put in place by 2053.
- Fairfax Media