Budget predictions – Age Pension

Will this budget address the need for more money for senior Australians?

age pension, government, budget, predictions, senior Australians

In 2009 the current Government undertook the largest review of pensions since they were implemented in 1909. While this provided a much-needed financial boost at the time, little has changed since. Will this budget address the need for more money for senior Australians?

Probably not. With the Federal Government determined to return the country’s finances to a surplus, there’s little chance of any major funding for an Age Pension increase. There’s no doubt that the current level of Age Pension is insufficient for senior Australians to fund even a modest standard of living. At $756 per fortnight for singles, the single Age Pension is $85 per fortnight shy of the Association of Superannuation Funds of Australia’s (ASFA) recommended amount for a modest lifestyle.

While $85 per fortnight may not seem a lot of money, to a senior Australian struggling to make ends meet on an Age Pension, this could make a great deal of difference.

Would $85 extra in your Age Pension each fortnight make a difference to your standard of living?

Find out more about the ASFA Retirement Standard or view the current rates of Age Pension.





    COMMENTS

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    Grateful
    1st May 2012
    4:01pm
    I have a feeling that this year's budget will be the last chance for a Labour government to apply "traditional Labour" principles as a last gasp attempt to restore some credibility to its near fatal position in the polls. If it did so, it could highlight the difference between the traditional Labour principles and what is perceived to be the "opposite" position of the Coalition. Increase pension rates for the "needy" and to do that, significantly reduce thresholds for eligibility for pensions and benefits which were so significantly increased during the Howard years to pay for it.
    Sure, it will be unpopular with the "less needy" who will lose some payments or benefits, but, this government has nothing to lose when it comes to popularity and by increasing the pension to the less well off, it will have a double affect by improving the living standards of the most needy and substantially stimulating the economy because you can bet that every extra dollar received by those in genuine need will be spent in its entirety.
    stillman
    1st May 2012
    6:07pm
    Like my work . Has taken 2 years to pass on EB which means $80.00 per fortnight for a low paid worker like me. Then has thenerve to say that people on low wages cannot afford housing
    maggie01
    1st May 2012
    6:11pm
    It certainly would make a great difference, Thankyou.
    moonryver
    1st May 2012
    6:16pm
    Labour will lose the next election no matter who leads them so why not do something for the good of lower income seniors. You can bet your life on the fact that the other side won't and then the older citizens will only get to be even worse off.. They all forget the "grey vote" really do have a huge impact if the use their power at the polls.
    kianga0
    1st May 2012
    6:23pm
    It is a pity that whilst undertaking this review they neglected to address the shocking disparity between the Age Pension and the ex-service personnel super, to which the members contributed during their service and which has fallen far below the poverty line. SHAME.
    Kali-G
    1st May 2012
    7:26pm
    Last year our then foreign minister KRudd and Juliar has given away $4.3 billion , yes that is billion, in foreign aid.

    It is amazing that they can find these billions of OUR MONEY, yet us pensioners get bugger all. Those whom voted labor should search their conscience.

    We should demand that this grand stupidity ends. If these money were given to us we would not have the poverty some of us living in.
    Charity begins at home. Lates news: KRudd is coming back.......God help Australia!!!
    The phrase 'Charity begins at home' springs to mind. Well ,
    moonryver
    1st May 2012
    10:26pm
    It is all govt thT give away the billions in overseas aid. Most of which goes to line the pockets of other countries corrupt govt. if it all went where it was meant to go there would be far less poverty and less spent on weapons to go to war...
    Our taxes need to be spent at home first then any left over given in aid. As it is now it is the other way round. Use our votes more wisely and stand up and be counted at the polling booth. As for KRudd could he possibly be worse than what we have now??
    Boof
    2nd May 2012
    9:26am
    Given the amount of aid given overseas, ( which goes to the wrong people most of the time), surely the Australian Government, could find an extra $85 or $90 per fortnight, ie. $40 to $45 per week, for aged pensioners. I'm not speaking of the Pensioners, who go surfing every day or the gym or the club. I'm referring to the AGED pensioners, who have trouble walking to the supermarket or bussing there, to do a little bit of shopping. John Airey.
    Jules
    2nd May 2012
    11:14am
    Why Julia ?do you give so much to overseas countries,when it is here at home in Australia,that the aged without super behind them,are struggling,some to the point of thinking why?do I have to live like this?It's ok for people that have received Super,and have investments,but on an aged pension,where one can just afford food etc.after rent,utilities.insurance and those of us who care about our funeral,by paying a litttle a fortnight,so our struggling families are not hit up with the bill they can't afford,has anyone in Government even thought about us lately,NO its all about boat people,other countries yourselves,come live in our shoes for a fortnight,you can give yourself raises,but the little $6.70 we received last month is a sin,and now everything has gone up again,so goodbye to that pittance,HOW DO YOU SLEEP AT NIGHT,I certainly don't,worried all the time I would love to be able to get away for a day or two,but not anymore,We are supposed to be the Lucky Country,but Julia with you at the Helm,we will sink.
    Joybells
    2nd May 2012
    5:54pm
    Very well said Jules. Couldn't have put it better myself. As an age pensioner I agree its a struggle to keep up with all the power bills etc on the pension. Having been born in Australia-still the best country in the world, I worked darn hard all my life and raised a family. Never got child care or baby bonuses and payed heaps of tax for nearly 50 years. All my kids work and their tax would keep me in easy street. Yet we seem to be the ones told today to struggle on the pension as the money is needed more for aid to overseas countries.And for the boat peoples expenses and their legal aid appeals to stay here. Come on polies put the true blue pensioners first for a change. Maybe even give us free electricity and gas-that would be welcome
    MrsB
    2nd May 2012
    7:20pm
    Eighty five dollars would be lovely thank you, but I am not going to hold my breath, why?? before the aged pensioners like myself get any, the politicians will get theirs first. Stop giving money to overseas funds, heavens there are enough people living below the poverty line in Australia. My husband and I own our own home and I have a super fund, but in saying that we also paid taxes so the pensioners before me had money, it is a natural disgrace. I feel deeply for those who have to pay rent out of their pension. You look after the people in your own backyard first, after all they have contributed to the taxes to keep this mighty country going.
    Jules
    2nd May 2012
    7:54pm
    Thank you Joybells,for your return comment,I still have no reply to my request for a politician to come walk in my shoes for a fortnight,wouldn't they have fun,scrimping on one thing,to pay for another.I wont hold my breath for that request,How do they sleep at night?or do they.lol?
    fpbsix
    3rd May 2012
    2:12pm
    I own my own Home , & I agree Stop giving money to overseas funds, because There are many people who cannott manage there money here in Australia Who need to be taught how to by Professionals , I myself have my rates taken out of one pension , & all my insurances taken out of my 2 nd pension ,& live on what is left that includes all my Tablets . I do not go out to any entertainment at all ,I never eat out, Not even a cup-of-tea. I dont Buy any alcohol,I make most of my own jams ,chutneys , pickles , my own apple-cider vinegar, & cook all my own food ,I Read books i buy at the second hand stores & I watch TV . that way i live comfortably , but I cannott afford to go on Hollidays , but as a Old Aged Pensioner , I myself think my OWN life is now one long holliday , after rearing my 3 sons , AND 6 Stepchildren. I think we are luckier than most countries .
    Jules
    3rd May 2012
    3:00pm
    What the heck? not allpensioners are as well off or organised like you,climb down off your high horse and take off your blinders and look around at those who live off their only means,a pension,pay rent(which is nhalf your pension or more)pay utilities,feed and clothe yourself,you know what bingo,there goes ones pension in a fortnight,no othing left for entertainment,little for petrol,and guess what? not even enough left to go and look for second hand clothes etc,LUCKY YOU.I dont drink or smoke,you may think we are a lucky country,I think we are unfortunate that our Country does not take care of it's ageing elders,the ones that have put up with it all for too long.but they will insist on paying for overseas illegal immagrints,to settle here in our lucky country,take the jobs our kids should have gotten,and still they bellyache.The only luck I think I have is my family.Not our Government.
    fpbsix
    3rd May 2012
    3:33pm
    well my dear maybe it is because i reared 6 children that were left without a mother,plus My 3 sons =9 children , & had to learn to make things , because my husband worked at a timber mill on a small wages. So i do buy my clothes at the second hand stores, but did make clothes for my children out of second hand clothes & unpick them to remake clothes also for myself . i couldnt even make a buttonhole in those times, BUT I Learned , and am still learning things .I bought my own home alone by paying a deposit with a grant from the government & paying it off , with what would have been rent money .but at long last i now own it ,its old But at least its a roof over my head , Love and kindness to you .
    marron
    4th May 2012
    2:49pm
    This place is to let the politicians know what we think, and to make suggestions on how to help Australian pensioners, not be critical of each other, or to be too smug. Those of us who worked hard all our lives, and raised families (we have five adult offspring, who all work in excellent jobs of their own choosing/training, after going through the public school system and then taking what work they could get until they could get better work) ......and now own our own homes, have all the expenses renters do not have. Such as rates, water rates, power, gas, insurance, etc. whereas renters can be forced to pay high rents. I agree that the Federal Government is giving far too much of our hard-earned money to countries who simply buy more weapons and whose leaders live extremely well, while the rest of the people have nowhere to live and very little food and water. Our pathetic Government allow illegal boat-people to enter by the back door, and are now putting them straight into our community, regardless of who or what they are. They are more often than not, very fit looking males pretending to be teenagers.They are paid more than the dole payments and receive medical treatment, many freebies, such as tv's furniture, kitchen ware, electronics eg computers, immediate free medical/dental.treatment, etc. Meanwhile our pensioners are put on waiting lists for months/more likely years.in pain, until they finally reach the end of the list. Unfortunately it is sometimes too late, people die waiting. As for our dental work, we receive emergency treatment then go on the list for fillings, dentures, and other work, because we are only eligible to have one thing done at a time, it doesn't matter that our teeth get worse for lack of fillings etc. whilst waiting on the list that usually are years long. Those of us who cannot work for a little extra due to serious health problems, often have medication that is not on the 'so-called free list'. But what do we matter?......as long as the pollies get their huge salaries and big pensions.
    fpbsix
    5th May 2012
    12:07pm
    Yes I Do agree with all you say ABOVE,& I cannott afford to go on Hollidays.as i stated above , but what can we do . I personally have written to Bob Katta & the prime minister , and like many people i lost my roof & damage to my window awnings & my home was Twisted in YASI & many other damages ,BUT the BSA would NOT= Make the tradesman replace the awnings with the same as i had ( molded Metal QLD awnings )they put on weak pine with corrigated tin on top, I paid $14,300.00 for QLD awnings ,& BSA told me i had to take the company to court , but i had to make the final payment of $7,890.00 first , So I do Know Old Aged Pensioners CAN complain ! but NO ONE WILL LISTEN OR HELP,so UNLESS we have money ! But it would be a TERRIFIC HELP if we DID get the $80.00 odd dollers a foughtnight . I try as best as i can make ends meet by learning to do as much as i can myself .
    Jules
    4th May 2012
    5:09pm
    Couldn't agree with you more marron,I've been there done that with a home,my parent's ,but when it came time too sell out and put my parent in a nursing home,I looked after my parent.s for over 20 years,I found there was 2 huge mortgages to pay out,so no money from there,now I can't say that living on an aged pension is fun,especially when you hear the like's of the so called plight of the illegal boat people,who at least get a bed to sleep on,food and clothing etc,but when it comes to the "Plight of the Homeless:here in their own country,what do they get?or when you hear of the money being handed out to other countries for Aid,again what happened to our so called lucky country?why?dont they help us.True Blue Aussies.Wake up Julia,your day will come,and sooner rather than later,we the seniors of this country are taking all this in,for the next election.
    marron
    6th May 2012
    10:06pm
    I do understand how you feel Jules, I looked after my mother for a time as well as my husband and I both working shift work plus raising our children. Unfortunately she became to ill to keep at home. Then my husband and I looked after his mother and Autistic brother, sadly now we only have his brother. What I can't understand is that Julia Gillard and Wayne Swann are 'borrowing' over 100 million dollars a day yet they are giving away 100's of millions dollars to these countries so that Kevin Rudd will get his wish to be on the UN Board plus keeping him away from interfering in Labor 'running'/ruining' Australia. It is time that the people who have worked hard in all forms of work, and have made Australia what it was (before the 'Gillard' Government started tearing it down) received proper remuneration. It is time that we looked after 'our own' first, then assist but not completely finance, countries whose leaders squander money on 'wars/killing their own people' instead of housing and feeding them.
    marron
    6th May 2012
    10:08pm
    I hate the fact that I don't notice my spelling mistakes before 'posting' my comments.