Aside from the economic physical reality (that is to say all pensions need to be financed from current stock of capital/labor), in Australia the government pens

Aside from the economic physical reality (that is to say all pensions need to be financed from current stock of capital/labor), in Australia the government pension is generally funded through general revenue as a (kind of) means tested general social safety net. It is not the same system as social security in other countries. You don't notionally "pay into" your account with variations on how much you will then be able to draw out. We also have other employee pensions (though far fewer these days), and now the superannuation system (roughly 9.5% of full time earnings go into a compulsory tax effective defined contribution investment scheme)