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The Australia Institute's Reducing Poverty in Retirement report compared the nation's pension system to that of Sweden and Norway, and shows that Australia has a much higher poverty rate among older people than both Nordic countries.
In fact, the Institute found that one in five Australians aged 65 and over are retiring into poverty, with this number likely to rise.
Institute chief economist Greg Jericho commented on the cruel irony of Australia being known as a rich country, when citizens could work for most of their life and still retire in poverty.
“I think the figures would shock most people,” Mr Jericho told NCA NewsWire.
“We are a rich country, but one in five Australians living in poverty in retirement is backwards. Australians view the country as being the lucky country, a fair country and an equal country.
“Australia’s broken superannuation and pension systems are condemning a growing number of retirees to financial misery in their sunset years.”