Trump building 'better' super system than Australia

US President Donald Trump has unveiled his new retirement savings plan, inspired by Australia's superannuation system.

US Treasury Secretary Scott Bessent said the government designed a plan "that's something pretty close or in the direction of the Australian system."

However, Trump said his plan would be "better".

"I promised to make the same types of retirement accounts enjoyed by federal employees available to all Americans, and that's what we're doing. Nobody thought that was possible," Trump said while speaking to reporters.

"This will be really revolutionary because they'll be covered."

Under the "TrumpIRA" plan, the government will contribute up to $1000 per year to eligible lower- and middle-income workers who contribute to qualifying retirement accounts, through the Saver's Match program.

The scheme will be operational by 1 January 2027.

"President Trump wants to give American workers - particularly independent contractors, part-time workers, small business employees, and self-employed individuals - more investment options in order to attain stronger and more financially secure retirement outcomes," the White House said.

"Roughly 41 million American workers between ages 18 and 65 lack access to any employer-provided retirement plan, and 49 million full-time workers and 14 million part-time workers do not receive an employer match to their retirement savings contributions."

The White House said a 25-year-old low-income worker who saves around $165 per month and qualifies for the Saver's Match of around $1000 per year could, at a 6% rate of return, end up with around $465,000 by the age of 65, with nearly $155,000 attributable to the Saver's Match.

"Hardworking Americans deserve retirement security in portable savings vehicles that offer access to low-cost investments similar to those offered to federal workers," the White House said.

"Over half of low-income federal employees already successfully utilise the federal retirement-savings program and over 50% more participate when there is a matching contribution from their employer."