AIST chief executive, Eva Scheerlinck, said: “As younger generations retire with greater superannuation savings, the total proportion of older Australians receiving the Age Pension will continue to decline. It is a very significant to see that the number retirees drawing a full-age pension is expected to halve by 2060”. Similarly, the Association of Superannuation Funds of Australia (ASFA) chief executive, Dr Martin Fahy, said: "With more Australian retirees having higher super balances, the proportion of retirees reliant on the Age Pension will decline and ASFA expects half of all Australians to be self-funded in their retirement by 2050. "Our strong superannuation system will allow Australia to lower the burden of the Age Pension from the current 2.7% of GDP to 2.1% in 2060-61 making it the lowest among our OECD peers.”