Age pensioners to receive a budget boost, minister confirms

Font Size:

Pensioners looking for a 20 September Age Pension increase, although forewarned, may have been disappointed yesterday. But news of a budget boost for pensioners should lift their spirits. 

The Minister for Social Services, Anne Ruston, said on the weekend that age pensioners can expect a cash boost in the October budget.

“Further support around our pensions is something that is contained in the budget,” Ms Ruston told The Sydney Morning Herald.

However, the minister declined to say what form the increase would take, but it will reportedly land in bank accounts within weeks.

There is speculation that it could come as a one-off payment or ongoing increase, although neither has been confirmed at this stage.

Those relying on unemployment benefits won’t be so lucky and will likely have to wait months to find out if the government will apply the coronavirus supplement to next year.

The base $550 fortnightly supplement applied in conjunction with the $560 per fortnight payment is due to end on 24 September, after which time a reduced supplement of $250 per fortnight will be paid until December.

Those awaiting the October Budget for news of a permanent increase to the base rate of the unemployment benefits look like they’ll have to wait until next year, if it happens at all.

Ms Ruston has indicated it was “highly likely” the supplement would be extended, but a decision would not be made until closer to Christmas.

While the Prime Minster and federal treasurer have assured pensioners of further support during the COVID-19 crisis, the Council on the Ageing (COTA) Australia has urged them to provide an extra $750 stimulus payment to prop up pensioners prior to the next indexation.

Pensioners have received two $750 stimulus payments this year.

“We urge the government to provide an additional $750 stimulus payment as part of your economic stimulus measures, for the benefit of both pensioners and the economy,” said COTA chief Ian Yates.

He said that despite inflation going backwards, pensioners were still facing a changed spending and pricing environment and, as a result, reduced purchasing power.

“During the COVID-19 pandemic period prices affecting pensioners have fluctuated for a variety of reasons,” Mr Yates wrote in a letter to Ms Ruston in August.

“The impact of increased costs has been compounded by a reduced number of ‘specials’ or ‘discounts’ to the ticket price for many food items, and reduced access to ‘specials’ by cost-conscious pensioners when they are following government advice to stay at home and shop from home.

“In doing so, they have also incurred the additional costs of home delivery. While the CPI has gone down because of the impact of items like childcare this does not help age pensioners.”

Mr Yates said the advice against using public transport was also pushing up the cost of living.

“There are range of other pressures on low income people in this pandemic, such as transport costs when it’s not safe to travel on public transport. Pensioners live very close to the poverty line, and in private rental, below it,” he added.

“While the two previous $750 payments have been very welcome, pensioners have ended up with less income in this period than people on the increased level of Jobseeker.”

Anglicare has also joined the chorus calling for more support for pensioners, quoting its own research on housing affordability as a case for permanent increases to pensions and unemployment payments, according to a Yahoo Finance report.

It found that of nearly 77,000 rental listings across the country, only a small portion were affordable for pensioners.

“Older people and people with disability are at greater risk during this pandemic. But instead of getting more support, they’ve been left behind,” said Anglicare Australia executive director Kasy Chambers.

“Our Rental Affordability Update shows that an age pensioner can afford 0.8 per cent of rental listings across Australia. That’s even fewer than our last snapshot in March. Disability Support Pensioners face an even tougher situation. They can afford just 0.3 per cent.”

What form would you prefer the pension boost to take? In which areas would you like to see the government invest as part of a COVID recovery plan? Healthcare? Aged care? Public housing? Why not share your thoughts in the comments?

If you enjoy our content, don’t keep it to yourself. Share our free eNews with your friends and encourage them to sign up.

Join YourLifeChoices today
and get this free eBook!

Join
By joining YourLifeChoices you consent that you have read and agree to our Terms & Conditions and Privacy Policy

RELATED LINKS

Were Age Pensioners unfairly denied a pay rise?

Living costs dropped for most, but did they drop for older Australians?

No ‘adverse tax changes to super’ in budget

No changes, but there will be ‘necessary tinkering'.

Aussie pensioners denied Age Pension increase in September

Pensioners will have to wait until February for news of the next pension pay rise.

Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

Contact:
LinkedIn
Email

163 Comments

Total Comments: 163
  1. 0
    0

    These payments need to be targeted, not available to all people receiving a Pension.

    • 0
      0

      While I agree with you that everyone should get an increase, with this government [or any government] I wouldn’t think it will be more than the price of one coffee a fortnight.

    • 0
      0

      Yes, it needs to go to the ones who will spend it and some are already well off. Maybe prioritise renting pensioners and those with no other income or super. I know some of both type. It would be hard to judge though.

    • 0
      0

      The pension covers various payments. The Aged pension is by far the largest group, I think followed by Disability Support pension, then the Carers Payment, and I think there is a Single parents payment which is the same rate as the “pension”, but not sure. All “pensioners” are doing it tough. Not sure you can target one group.

    • 0
      0

      I think you will find that payments are already targetted, McDaddy, it’s called a means test. I don’t understand which group of pensioners you would choose to exclude nor the criteria you think would make such an exclusion fair.

    • 0
      0

      Horace Cope I would start by giving it to max rate Pensioners paying rent and taper down to nil if you receive more than say 50% of the max rate.

    • 0
      0

      McDaddy, your proposal only makes sense if the money is paid as a lump sum. Because, yes Part Pensioner couples with incomes over $60k have already received $3,000. Most unfair if it is a pension increase however, as there is already a formula in place for part Pensioners. Rent assistance needs to be looked at though.

  2. 0
    0

    This information states that “inflation is going backwards”, I have not noticed this;in fact what I have noticed prices on basic groceries have risen as have fruit and veg and meat .

    • 0
      0

      I haven’t really noticed much, if any, increases, in fact there’s so many half price specials that come around ever few weeks between Coles and Woollies that I’ve been spending less on food this year generally (apart from at the Covid high). Together with the reduction in fuel prices, cheaper insurance by shopping around, same with electricity it’s been a good year money wise.

    • 0
      0

      “half price” for junk, rubbish, out of date or lesser quantity in a pack….or the opposite, less in the pack at a higher price. There’s always a marketing of food quality, price and quantity deception.
      Cost of food has risen, same groceries you use to buy collectively for $30 now cost $50. Aldi, Coles…Woollies and IGA are the most expensive.

    • 0
      0

      Do not think it’s junk or rubbish – however there is a great emphasis on sugary treats, chocolates and salted chips on special. I wont buy that but I still like meat and fish, the first one has gone up and the latter is stable and I suppose better for my health.
      My bills have gone up in insurance premiums (renters do not worry about that apart from personal insurance like contents and health).
      But whatever comes our way I shall take, not complaining if it does come to nothing. Maybe part pensioners should not get anything but do you want them to upgrade their homes and cars just to qualify?

    • 0
      0

      I agree. We have strongly noticed that we have been spending much more than usual on essential items like food, transport, medication and other essential items. The $3,000 that we received in the covid booster payments went quickly, but did save the day for us. Another payment will go almost as quickly as it comes in. My main beef is with the CPI, which doesn’t cover everything that is essential for us to get by, because we have health issues, which cost us more than usual to ensure our continued well being. I dare say that there are a lot of people who are in a much more worse position than we are, so how are they going to survive?

    • 0
      0

      Well costs of groceries , yes they still cost around the same, as for Petrol that went down ,BUT!!! In a Puma service station the other day, on last Monday 14/09 we got fuel for 97.9 cents PL.
      driving home past the servo, the next day the Tues 15/09 that 97.9 had become 137.9 cents PL.
      If you buy 50 litres Monday you’d pay $48.95, If you buy your fuel the next day, you pay for the same fuel, $68.95! Overnight, this is absolute truth , it happened in WA this last week to my wife and myself , driving in our suburb. FACT.
      Now if thats not gouging what is? Who ever is doing the gouging, whether fuel co’s or the Federal government , isn’t it time that something was done to explain why, this is not the first experience.
      I ‘ve seen petrol prices change overnight from anywhere between 10 cents and 50 cents, yes OVERNIGHT!
      And we are talking about inflation? Then we talk about shopping for groceries?
      No one knows how ripped of or how lucky they are , and that is a problem in itself .
      But if you are at the end of the cash leash each week in a country like Australia, something is dreadfully wrong! And $20 bucks is nothing to some , everything to others.

      And this is nothinjg to do with COVID19 these kinds of rip offs and meagre pensions and fifty million hoops to jump through to just survive, well this is not the lucky country, but we’re luckier than others, I guess thats why we still allow drongos into state parliaments to become Premiers too.

    • 0
      0

      Got it in one Arvo – despite what the other posters have written.

  3. 0
    0

    Won’t help me get by as a self-funded retiree on way less income than a pensioner, with no concessions or benefits. If it is an increase, it might help me down the line when my savings are gone and I qualify for a pension. Stupid of me to save for retirement. Should have given it all to my kids before turning 60. Now only the taxpayer gains from all my hard work and frugal living.

    • 0
      0

      Maybe you should get some advice if you are having trouble getting a rate of return that seems poorer than Pensioner. Or do you want to live life and leave all your capital intact for the kids?

    • 0
      0

      Yes & I’m in the same situation as you youngagain BUT I would note, the gov cant control me & for that reason alone, its pain I gladly bear.

    • 0
      0

      No it won’t help you because you don’t need the help – if you’re self funded you must have ample assets to live off through interest/dividends/rent or whatever.

      Draw down the SMALL amount required to offset any loss you have had from reduced returns.

    • 0
      0

      Youngagain, you must be asset rich not to receive at least a part pension of a $1 if you don’t even qualify for concessions or benefits yet you cry poor with less income than a pensioner. About time you stopped crying poor & be thankful & happy you are a self funded retiree, otherwise draw down on your assets to the point that you are under the maximum asset allowable which is currently $583,000 for a single or just over $1 million for a couple.
      Wish I had over $583,000 in assets

    • 0
      0

      Are you suggesting that self funded retirees should receive help from the Government? If you don’t even get the health care card, then you are doing OK, or need to rearrange your finances. Complaining won’t help.

    • 0
      0

      I am in the same boat as you Youngagain. Get nothing saved to much. I just wish the Government would send me a nice ThankYou card or maybe a bottle of wine at Christmas.

    • 0
      0

      I, as you say, you are getting less than age pension (as a self-funded retiree) you should be able to get a pension top-up – have you enquired? Then you will probably be considerably better off than age pensioners because as far as I am aware you can have approx. $2,000 income/fortnight and still get a part pension!

    • 0
      0

      The good thing about being self funded Is you have choices. You can draw down on capital, rearrange assets, take more or less risk etc. I feel for the full Age Pensioners in private rental with next to no assets. I bet they wouldn’t mind swapping positions.

    • 0
      0

      Dancer, you are tested on either Assets worth less than $876,500 for a home owning couple, or income,of $3,163 per fortnight whichever is greater. If you have assets you can’t easily sell it could be a problem but good financial advice is key

    • 0
      0

      I have sought financial advice, and from Centrelink also – whose FIO confirmed that the average rate of return on investment is now well below 5%. On $900,000, that translates to less than $45,000 pa. Pensioner couples receive around $40,000 pa when concessions and benefits are counted. It doesn’t take much loss for an SFR couple to fall well below that income level.

      Of course I can spend up big and claim a part pension, and in fact I’m doing that. But I consider it absurd that the government encourages and rewards that behaviour instead of rewarding saving.

      Dancer, if I had enough income to be exempted from the pension on the basis of income (over $3000 per fortnight!!!) I’d be dancing in the streets. I consider it patently unfair that someone with that much income can get a part pension, but someone with an income of less than the OAP has to drain their hard-won savings until they can get a part pension. The system stinks. But if I play it, I’ll eventually end up with $60,000 a year from a part pension and return on investments combined. How stupid is a government that allows that situation to develop?

  4. 0
    0

    Yes Aussie where is the backward trend to inflation .Is it all in their minds ,Most of this meaningless talk coming out of Canberra does not affect nor is relevant to us normal citizens.
    And when has it stopped prices going up .I have stopped shopping in certain stores because they have become to expensive

  5. 0
    0

    “What form would you prefer the pension boost to take? In which areas would you like to see the government invest as part of a COVID recovery plan? Healthcare? Aged care? Public housing? Why not share your thoughts in the comments?”

    I’d prefer an increase of an average CPI over the past 5 years as this will allow future increase to be on the September half year not the March 2020 figure.

    To me the glaring problem is public housing and this is the area that needs more support. We read in this forum, on a regular basis, about the plight of age pension recipients who are renters and are being forced to commit a high percentage of their pension on rent. Traditionally, public housing is a state matter but the federal government can increase funding to the states with the proviso that all of the increase is to go to public housing. It should also be a condition that no administration costs can be deducted from the additional funding.

    • 0
      0

      public housing in S.A not only get cheap rent but the govt here has installed free solar power with battery back up for housing trust tennants and the majority of people who live in them are single parents.They also got the extra fortnighly stimulous payments and the $700 cost of living concession yet they are supposed to be regulated by the C.P.I.like all pensioners .Why are they treated different than the rest of the pensioners Does it cost more for a mother and child than a married couple.I doubt it.IFthe cost of living has gone down %3 then why do they get 3 times as much as the disabled pensioners and carers{$215}

  6. 0
    0

    I think it would be a good idea to increase the carers allowance. The government wants people to age at home but that often means more help needed. The amount paid to a carer is very small. If the carer is a partner they are just grateful for the extra income but for a some one else is a dismal amount for the service they give.

    • 0
      0

      I agree. Carer’s are very overlooked yet what they do is 24 hrs a day, 7 days a week. Some have good support systems in place eg extended family who are willing and able to help or accessible volunteer services, but not all. Carers are amazing.

  7. 0
    0

    I am 62 and on disability we did not get a rise but apparently are not getting extra money in the next couple of weeks..

  8. 0
    0

    Give us an increase in the Rent Assistance – $139.60 per fortnight may be OK for those paying $360 a fortnight, but the higher the rent, the bigger chunk out of our meagre pension we have to pay. It’s not OK for us to have to pay $400 per fortnight just to live in decent accommodation.

    The Federal and NSW governments ‘should’ have money to be able to build enough public housing for those with a disability, especially those of us 55+, and more than 2 bedrooms so that if you have a carer, they can ‘live in’, too. I’ve yet to see much where I live, and there’s not much where I want to move to, just to be closer to family.

  9. 0
    0

    I get that renting pensioners are in need of assistance. But so are those who rely solely on the age pension, and are still paying a mortgage. There is no help for them, unlike renters who are entitled to a rent assistance payment, although small, it’s better than no help at all. Another lump sum would be useful also as we are more likely to spend it within the economy.

    • 0
      0

      It’s sad that you still have a mortgage when retired – no chance of downsizing and/or moving elsewhere and being mortgage free?

    • 0
      0

      Never understood why you can rent assistance to pay off someone elses mortgage but not your own

    • 0
      0

      ITis the same as always the govt looks after the rich,Look how the govt looked after companies who are now bragging how much profit they are making.One company boast $16 million dollars profit of which $12million of the profit was given by the govt,Come election time any one who votes for this govt needs there head read .THISgovt is buying votes by paying everyone except pensioners.What other reason would they jack up there wages again.By the way in the last 12 years politicians have increased there pay by %50 pensioners %18 and newstart %100

    • 0
      0

      Totally agree Patti. There are those that suggest we sell up move away and live cut-off from the connections we’ve made during our lives, but they are not realistic. To downsize where we are is just not realistic and would entail moving into places with poorer access than we currently have to everything. We’ve looked. As homeowners with a mortgage, we’d have to downsize to a hovel and that won’t be happening.
      I’ve always found it difficult to understood why the government will pay my neighbor rent assistance to pay off someone else’s mortgage but not help owners who want to live in their own homes. We don’t even get support for changes to make changes to make our homes more aged-friendly. Oh that’s right, the government only gives money to wealthy property owners (and I’m not talking about normal mom and pop investors striving to be self-funded retirees), but large portfolio property owners who get payments hand over fist.
      We can’t do anything with our mortgages as banks won’t lend when your income is the OAP. Maintenance and insurance costs are escalating, as is almost every cost we have. Yes, childcare, school fees and other costs went down, but few of us pensioners use these. Yes, travel costs went down, but not for most pensioners, who already use their vehicles little, so did not experience considerably reduced fuel bills and other vehicle expenses. Most of us are not big users of restaurants, clubs or pubs and our food bills have certainly increased.
      If we moved to cheaper housing areas as the government has suggested we should, we won’t have easy access to services (so our costs will increase), we won’t be close to friends (so we’ll suffer mental health issues due to loneliness) and we’ll have less contact with our children and grandchildren who work (and would struggle to visit as often (more loneliness and health issues).
      Having lived in our area for nearly 70 years, moving away would be a death penalty: oh yes, this government who want death taxes from the aged would like that. They can create a new tax source so they can give their business colleagues more tax cuts.
      Doesn’t matter who we vote for. They are all crooks living out of the government bucket at the expense of the real people. In the mean time, to break up the pensioner vote, the play self-funded retirees off against those who believed the rhetoric of an OAP for all pegged to the adult male wage.
      All retirees should get the OAP. We should all do a tax return and those who have income above the OAP would pay tax. The system works a treat. Just ask any Kiwi. But of course we’d also need to look at the very generous politician’s pension.
      Looking at what our politicians are doing to the country, I wouldn’t blame everyone for saying live to the max, don’t save and don’t worry about your retirement (if you ever can). The government will keep selling the country to anyone with money for their endeavors and will continue to pillage the pockets of average Australians. These same people invest in the companies and countries they’re supporting through their family trusts, and keep supporting the big end of town so they get cushy jobs in their retirement. They have retirement programs that allow them to earn without impacting their pensions and other perks, some of which they use to earn even more.
      This is the start of chaos. Maybe the pollies should look at some of the revolutions that happened in the past when the wealthy and ‘in-the-know’ lost touch with real people. There are some serious lessons.

  10. 0
    0

    Cost of living actually decreased during COVID restrictions:
    Far less travel resulting in considerably reduced petrol bill and less wear and tear on vehicles.
    No restaurants, clubs or pubs (cheaper to eat and drink at home)

    • 0
      0

      how much has your shopping bill increased or are you 2 stupid to notice,How much has your power and gas bill increased or do you live at home with mummy under a cloud.shopping has gone up %17 electricity and gas %20 petrol at peak has gone down 20 cents /litre and due to the virus you are driving less.
      ame 3 other essential items that has gone down.

    • 0
      0

      I agree with Cassius and my grocery bill actually decreased during COVID allowing me to ‘spluge’ once in a while. My electricity bill increased because I am working from home but that will be offset by tax relief. Yes I still work full time. Pensioners are at home all year round so no changes there for them right?

      Mitch your experience may differ from Cassius but there is absolutely no need for your rudeness and insults. And for the record, in my area petrol went down from around $1.60 just before COVID hit to around an average of $1.20 now – a difference of 40c not 20c! Health insurance premiums were put on hold so no increase there, many car insurers offered rebats on car insurance given the car was not being driven, telephone companies offered increased data until the end of August. My council rates increase was placed on hold too. There were many financial benefits for many people during this period that did not come from Government handouts but that did affect the home budget positively for many.

    • 0
      0

      Not here it hasn’t! Power is UP, rates are UP, water and gas is UP (and now, thanks to Scumbag it will get dearer because its going to be the only alternative!).
      Supermarkets have LESS specials at the moment. Most pensioners rely on specials to get by.
      “No restaurants, clubs or pubs (cheaper to eat and drink at home)” This is NORMAL for pensioners. They dont get to go out to eat.

      Now think of others.. The aged who rely on buses. Yes, huge savings there. Dont go out! Dont go shopping. Dont eat – see? easy! Lh, so the yuppies can afford taxis? Lucky them.
      As Mitch said, the reason pensions are so lousy is because the LNP can rely on pensioners’ votes, no matter what they do to them.

    • 0
      0

      Hey ‘on the ball’
      Your comment regarding pensioners eating out is totally miss informed.
      My Lions club comprises of 3 over 80, 13 between 70 & 80, 5 between 66 & 70 and finally 3 between 55 & 60, and believe me we do eat out. The same with Freemasons with a similar demographic to say nothing of U3A

    • 0
      0

      Cost of living for aged pensioners has increased and at the same time, those who are self-funded saw their incomes drop, but don’t kid yourselves, the cost of living for aged pensioners has increased significantly.

      Of course, the government will try to drive a wedge into the pensioners vote by saying one group of pensioners is better or worse affected than the other group. All lies. Doesn’t matter if you were a worker, a self-funded retiree or an aged pensioner, we all needed support, much more than the big businesses who got wage subsidies to keep operating. Just like the government has continually stopped the Superannuation Guarantee from increasing to protect their buddies in the high-end of town, they also gave them extra support.

      Health insurance premiums were only put on hold for a short while at government direction, but few other things went down for aged pensioners. The major insurers of aged pensioners claim the lower vehicle use was already in the premiums paid, telephone costs did not go down even though we had telehealth sessions, but the wonderful data rebates are something few aged pensioners can use. Insurance premiums also went up (apparently due to bush fires and floods when I questioned this), and our council rates increased because of the extra services being provided to the community (most of which are unaccessible to aged pensioners).

      So while some feel there were many financial benefits for many people during this period, I’m afraid I missed them. Delivery charges have all increased. Masks (essential when going out at our age) have trippled in price. Most of the basics in our household shop for two have increased dramatically as has our gas, water and power. I guess if these essential items hadn’t been sold off to foreign investors, there could have been some government control.

      While supermarkets may appear to have specials, they are not on the basics we older Australians survive on, or on rolls of toilet paper, frozen goods or bread that are all 30% less than they were pre-Pandemic. Many pensioners count the size of the roll or the number of slices of bread! We look at all of the ‘specials’, but most are luxuries to we pensioners who eat at home.

      I could never understand why a friend I walk with who was not at aged pension age and on JobSeeker got an increase and was advised he wasn’t required to look for work because there wasn’t any. So as a pensioner, I am worse off than if I applied to go on JobSeeker. Same guy has also been told he may have to go onto the pension in a week or two, even though he’d like to still work, just because he will be 67. The wonderful CenterLink has worked it out they have to pay him less as an OAP than they do on JobSeeker, so I guess his costs mysteriously go down.

      Just for a joke, I approached Centrelink and asked the question “Could I go back from the OAP into the workforce.” The person on the other end of the phone was very blunt.
      “You can’t do that and you don’t have a choice. Why would you want too?” She then dutifully told me that once I’d met my aged pension eligibility age, I automatically switched to the aged pension, although whether I actually got it or not was subject to an asset test and income test. So even if I’d been asset rich (which I’m not), I’d have probably got no pension. Go figure that one.

      We all need to understand the CPI is a created government bundle of costs, manipulated to achieve what the government wants, not at all for the good of pensioners of any type other than politicians. If the CPI went down, why did JobSeeker people who didn’t need to look for work get an increase. It was all about giving more taxpayer money to businesses, particularly insurers, big food providers, electricity and gas suppliers and anyone else who could get their hands in our pockets. Did the government actually legislate to freeze any costs? No!

      While we pensioners have worked all of our lives, paying taxes and funding assets that the government has sold off to foreign investors to increase their own net worth and pensions, we are now an expendable commodity. Those of us who have saved a little are now targets to those looking for an easy source of government tax. Many of us help out in aged care centers where the government is allowing the owners to rob the residents, but we have become casualties of not just the COVID pandemic, but of mismanaged government and particularly mismanaged taxes.

      I spent most of my life working under a tax model that was to provide me with an aged pension. This system was similar to schemes in other countries that were created to ensure we would have an income in retirement (which still work). Most of we currently retired people paid into this scheme through our taxes.

      When it was too late for me to change my vocation, the government of the day stole billions from the OAP Tax bucket to compensate an error that had been made in private pensions and to prop up the government coffers. Then a few years later, equally corrupt or inept politicians said we all needed to contribute more than the 7.5% so the Superannuation Guarantee was added. Now we’re told we should never have counted on this. So what should we believe? It’s all divisive lies.

      If the 1946 legislation had ever been changed, we might have a reason to believe there should be no OAP, but since it has never been repealed, the government needs to come clean and fix its mess. Stop sending billions to other countries and giving it to non-tax paying companies, while trying to tell retirees they are a charity case. They are not and never have been! They paid into the OAP and should get it to see them through their natural lives. The politicians however with their non-contributory pensions are a charity case and one we can’t afford!

      In the same way these politicians signed the Lima agreement to make Australia a poorer country, they are robbing all tax payers, not just we retirees to create their own improved futures. The 7.5% (since 1946) and the added Superannuation Guarantee (tax) mean there should be an OAP for everyone, not just now but into the future. If the government is too incompetent to manage this, they should go.

      Present politicians pretend the original 7.5% tax never existed and that this money was never contributed for retirement pensions. They are either stupid, ignorant or lying (hey, the are politicians). If our politicians ever acknowledge the contributory funding of pensions they’d have to admit they’ve spent or given away the money. They’d also have to accept that the pension should not be asset and income-tested; that there could be no possible basis for including the family home in any tests; and that the pension is not being paid from the taxes of younger generations (whose own 7.5% also is being misappropriated), but from the 7.5% in the taxes already paid. Anyone getting an OAP would be happy to pay tax on any extra income if their core pension was provided as promised.

      I’ll vote for the first party to come clean and fix these terrible errors before they wipe out Australia. We all need to protect our country from these crooks and incompetents.

Load More Comments

FACEBOOK COMMENTS



SPONSORED LINKS

continue reading

Finance

Do life insurance payouts affect the Age Pension?

Geoff's death policy pays out to his children, not his wife. How does this affect the pension? Q. GeoffMy wife...

Fitness

Grip strength linked to mental disorders

Mental disorders such as anxiety and depression can increase physical health risks and are a leading cause of disability. Globally,...

Finance

Tobacco and childcare drive cost of living increase

The Consumer Price Index (CPI) rose 0.9 per cent in the December quarter. According to the Australian Bureau of Statistics...

Age Pension

Retirement system ‘uncertain for almost all retirees’

Australia, a nation of almost four million retirees, has one of the world's best retirement systems. The 2020 Mercer CFA...

Finance

The big question: How much do I need to retire?

Life expectancies continue to rise, and with that comes a host of challenges. For governments, there's the increasing cost to...

Finance

Understanding the true cost of retirement

The Australian government spends billions on boosting retirement incomes. The two biggest costs, the Age Pension and superannuation tax concessions,...

Age Pension

Adequacy of retiree nest eggs

YourLifeChoices conducts several surveys each year to gauge the financial, physical and mental health of our 260,000 members. The aim...

Age Pension

Age Pension payments in 2021 – what you need to know

World heavyweight boxing champion, Olympian, ordained minister and successful entrepreneur George Foreman returned to the ring at the age of...

LOADING MORE ARTICLE...