In 1908, following passage of legislation by the new-ish federal government, men at 65 and women at 60 could receive an age-related, means-tested, taxation-funded pension.

The female age of eligibility was raised a few years later to 65.

The average age at death of men at that time was 50-ish. Women lived an average five years longer.

Hence a relatively small percentage of Australians lived long enough to be eligible for the pension.