As the silver tsunami of retirees crashes over the Australian economy, there are growing calls for reform to keep the tax and welfare system fair and sustainable. The Age Pension is no longer viewed as an entitlement, but tweaks to how recipients are assessed for eligibility could be a key policy change to shore up the national budget, experts say. "The welfare system in this country is coming to a reckoning. "I've got to say, I was even surprised by how inequitable the distribution in our transfer system has become," she said. The Age Pension is the second largest federal government expense each year, accounting for 8.4 per cent of the budget in 2024-25, according to the National Audit Office.