“They are also unhelpful to the extent they influence saving behaviour and policy debate,” said Mr Cooper.

The price of an age pension in today’s interest rate environment is about $1 million.

“For that amount, a couple will get $1,297 a fortnight or $33,717 of income a year,” he said. “The full age pension (including supplements) would cost a 65-year-old couple a surprising $1,022,000 to buy today.”

Mr Cooper said it is important to remember that the age pension is a safety net for those without the means to support themselves with dignity in retirement.

“A comfortable retirement would cost more,” he said.

The government should consider periodically publishing the present-day value of the age-pension as a ‘value signal’ or risk-free retirement income benchmark, Mr Cooper suggested.

“The information could also serve as a tool to help assess proposals for changes to retirement taxes,” he said.

“The simple amount of capital a person has saved for retirement at a single point in time is often a poor guide, across an economic cycle, of the future standard of living they are going to be able to enjoy in retirement.”