$15 co-payment recommended by Commission of Audit report

The commission's report, containing 86 recommendations aimed at saving the budget up to $70 billion annually, was released in Canberra this afternoon. 

The big savings focus on health, the ageing and education.

Recommendations also include lifting the pension age to 70 by 2053, increasing the superannuation preservation age to 62 by 2027, slowing the rollout of the National Disability Insurance Scheme, and requiring high-income earners to take out private health insurance. 

Finance Minister Mathias Cormann said some of the recommendations will be taken up straight away, others will need more consideration, while some will be rejected outright.

"We will not be providing a detailed response to each recommendation today," Senator Cormann told reporters.

Instead, all will be revealed in the 13 May budget.