Trump embraces Australian retirement system backed by Larry Fink

President Donald Trump has endorsed Australia’s employer-funded, privately managed superannuation retirement system as a model for U.S. reform. Trump directed Treasury and Commerce secretaries to study the Australian system, which mandates 12% employer contributions and has grown to $3.1 trillion. Larry Fink of BlackRock, a long-time advocate of Australia’s model, met with Trump, while Senator Ted Cruz supported the proposal as a solution to the U.S. retirement crisis.