Will this budget address the need for more money for 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?