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Australia to raise retirement age to 70

Sydney - Australians will have to work until they are 70 years old before they can receive a pension, Treasurer Joe Hockey said on Friday.

The increase to 70 will start from 2035 and will affect those born after 1965.

It is the second time in recent years Australia has raised the eligibility age to deal with the greying of the population and budgetary pressures.

The previous Labor government raised the pension age from 65 to 67, to start from 2023.

Speaking on radio, Hockey said raising the pension age was just one of the cost-cutting measures expected to be handed down when the government releases its first annual budget on May 13.

He said one of the measures being considered is a "deficit levy" on high-income earners in what he said was "a call to arms" to curb government spending and reduce the budget deficit.

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