If you’re preparing to retire, you might need to think again

Older Australians must work for longer for a sustainable economy, says the Treasurer.

Older worker

Australia’s ageing population is heaping pressure on the country’s health, aged care and pension systems, and the government says older Australians must be encouraged to work for longer.

In an address to the Committee for the Economic Development of Australia (CEDA) yesterday, Treasurer Josh Frydenberg signalled a government drive to get people in their mid and late 60s to work longer and undertake training to keep them in touch with the jobs market.

As the government prepares for next month’s mid-year budget update and its 2020 five-year Intergeneration Report (IGR) – the latter will map out the direction of the nation’s finances over the next 40 years – it is facing a number of uncomfortable realities relating to an ageing Australia.

Mr Frydenberg described the scenario as an “economic time bomb”.

“Our population is ageing and this will place new demands on our health, aged care and pension systems,” he told CEDA.

“As more Australians live longer, the number of working age Australians for every person aged over 65 diminishes. Whereas in 1974–75 it was 7.4 to one and 40 years later in 2014–15, it was 4.5 to one, it’s estimated over the next four decades to fall to just 2.7 to 1.”

The 2015 IGR forecast that Age and Service Pension payments would grow from 2.9 per cent of GDP to 3.6 per cent in 2054–55 unless pension cuts in the 2014 budget went ahead. They did not.

It also forecast that aged care funding would grow from 0.9 per cent of GDP in 2014–15 to 1.7 per cent in 40 years, the equivalent of increasing from $620 to $2000 per person.

Mr Frydenberg said that workforce participation among over 65s was six per cent 20 years ago, 12.3 per cent five years ago and 14.6 per cent now.

There are a record 610,000 people aged 65 and older with full or part-time jobs, Nine reports, making it the fastest growing age group in the jobs market in the nation.

But another rapidly growing group is the number of older Australians who are unemployed and actively seeking work. Factor in that the access age for the Age Pension is due to reach 67 by mid-2023 and there is considerable pressure on older Australians.

Anglicare Australia acting executive director Roland Manderson says the jobs market, and Newstart, are failing older jobseekers.

“The job market is changing fast and age discrimination makes it harder to compete,” he says.

Mr Manderson says the low rate of the Newstart allowance creates particular problems for older people.

“The stereotype is that Newstart is for younger people, but that’s a myth. Around half of all people on Newstart are mature-age jobseekers – and the number of older Australians on Newstart is growing by 10,000 a year.

“Instead of preparing to retire, many people are now selling their homes and spending their savings. Nobody should be forced to retire into poverty.”

Mr Manderson says the government must raise Newstart and stop lifting the pension age.

Are you working longer than you had anticipated? Are you having trouble finding suitable work?

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    COMMENTS

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    hyperbole
    20th Nov 2019
    10:46am
    Many years ago it was mooted that there would be a crisis with fewer young people working to support one in retirement. It was once 7 workers to 1 retired person. Today it is down to 5.
    GeorgeM
    21st Nov 2019
    2:08pm
    There is no problem except a couple created by Politicians:
    a. They are supposed to put aside the 7.5% included as part of Individual Income Tax Rates which is meant to be put into a separate Fund, then there would be no problem when people reach pension age. Not too late to re-install that pension Fund. Needs politicians to own up to the truth, that they wasted the money collected, and start fixing it.
    b. Ensure they grow sone b.lls and collect all due taxes being evaded by Large companies (especially multi-nationals) and the rich - tax based on Minimum Taxes based on Revenue, with only legitimate Local expenses allowed.
    GeorgeM
    21st Nov 2019
    2:22pm
    If they want older people to continue working, if jobs are available (big IF), then they should remove the disincentives created by the Broken Age Pension System tests (made far worse by the 2017 Asset Test changes) for earners and savers. Scrap all Age Pension tests, and implement Universal Age Pension with no disincentives (in fact generating more taxes for the Govt) to continue working and earning.
    Sceptic
    21st Nov 2019
    2:37pm
    Fantasy land George. There is no "supposed to."
    GeorgeM
    21st Nov 2019
    9:35pm
    I note your name Sceptic - well chosen. Have come across many in my career, and have always blown them away by delivering the impossible!

    That said, while everything one wants may or may not happen, it is the duty of Retirees to remind the newer readers regularly of the fact that all taxpayers contributed 7.5% towards age pensions so the Govt must not ever be allowed to cry poor. Let's not forget that ever. Finally, if you have heard of the art of "Negotiation", you might have a clue - all relevant matters MUST be on the table (not out of sight / out of mind) if you are going to achieve a worthwhile middle ground - such as Universal Age Pension.
    The Care Bear.
    23rd Nov 2019
    12:14pm
    Please show me the Maths that validate 7.5% of tax paid by people during their working life is sufficient to fund OAP Welfare.
    jayzaa
    20th Nov 2019
    10:56am
    Would be better if young people worked instead of sitting home playing games all day
    Paddington
    20th Nov 2019
    11:18am
    That is a generalisation and causes negativity between the generations. There is a range of people in all ages who are industrious or lazy or other things. Work ethic can be found in all generations and usually comes from upbringing. Our son in law amazes us and it must have been how his parents raised him. There are others who are not so industrious but that can be applied to any age group.
    Arvo
    20th Nov 2019
    1:27pm
    Introduce a mandatory National Army Service for three years for all between 18 and 25. That will get them away from the computer games into some real life action...like Afghanistan....Sudan....
    Rae
    20th Nov 2019
    2:44pm
    Yes Paddington but when it's boomers being accused that is okay. Aageism od any kind is not okay.

    Perhaps a lot of the Year 11 and 12 not suitable for uni should be in tertiary training for trades instead of bringing visa workers in. Then we could have them working.
    musicveg
    20th Nov 2019
    4:27pm
    Most unemployed are over 40. To assume that young people are playing games all day is ageism. And Arvo to suggest that young people should learn how to use guns etc does not solve the unemployment rate and it costs millions for a National service to be implemented, better to create more jobs for those wanting jobs first.
    Rae want we need is more free Tafe and free online courses, have you seen the prices you have to pay for a course these days?
    Aquarian
    20th Nov 2019
    6:59pm
    Hey Jayzaa. I reckon you speak with the voice of experience.
    Me too, because I have a grandson who sits home playing games or out with friends playing pool all day. He left school 2 years ago and is now 20. He has no interest in looking for work and gave up Youth Allowance after 4 weeks because he doesn't want to report fornightly to Centrelink. He lives under his single mum's roof, eats her food, uses her power and water and internet. And he borrows his dad's car while dad is at work. His aunty gives him pocket money for petrol. But who do you reckon has created this "person" ?
    Rae
    21st Nov 2019
    9:14am
    Yes musicveg and I was at the Holocaust Memorials early in the year and visited quite a few of their free VOC training centres and uni. All free and that is the main reason the economy there is doing so well. In Hungary also. Free tertiary especially a strong trade sector is important.
    Oldchick
    21st Nov 2019
    11:38am
    Arvo, why would we want to send even more of our people into war zones like Afghanistan, Sudan and Syria. It’s not like anything is ever going to change in those countries, they’ll still be fighting amongst themselves for years. They would come home traumatised, suicidal etc. like so many before them. Then it’s a greater cost on society, not only financially. Instead if the young won’t work, make them go to TAFE, Uni or Apprentice training centres. Don’t turn up or participate, no pay.
    Farside
    21st Nov 2019
    12:14pm
    Aquarian drops a truth bomb ... not happy with the younger generations then have a good hard look in the mirror and ask the question who raised them before deciding who is to blame. Actions have consequences.
    Sceptic
    21st Nov 2019
    2:41pm
    It is not Ageism when it is a fact Rae. We, like most western countries, have an ageing population. One of the benefits of modern medicine is that we live longer and one of the results of more affluent living is a lower birth rate.
    ex PS
    22nd Nov 2019
    8:57am
    How are young people goi ng to get a start if the oldies are not going to retire and provide opportunities for them to start a job?
    Seems like the governments solution is to have us work untill we drop dead on the job so they don't have to pay our Pension Entitlements.
    We are going to end up with people in their 30's who have never had a job and will never feel the need to get one.
    How many of us have fallen for the stupid statement that we should vote Liberal because the other side of politics can't do any better? We have been sold a pup.
    ex PS
    22nd Nov 2019
    11:51am
    Yes jayzaa, put them in the Armed Forces send em overseas and then spend decades and millions of dollars on mental health issues.
    Great 18 th. century solution.
    Or we could try a 21 st. century solution and put the money back into TAFE and schools that the government ripped out of them in order to manufacture a fake surplus that will do nothing to stimulate the economy.
    We have a proffessional military force, why dilute it by putting people into it who don't want to be there?
    The Care Bear.
    24th Nov 2019
    8:14am
    Perhaps we could have a Dads Army, full of Know All experts now living off the tax payers.
    With all that knowledge and wisdom they would be unstoppable.
    ex PS
    24th Nov 2019
    10:01am
    Apoligies jayzaa, my comments were meant for Arvo.
    Jewelszz
    20th Nov 2019
    11:05am
    Can save huge money by cutting Politicians pensions to be inline with regular Australians. Too many entitlements and blow outs on projects that end up as debacled...nbn & desal plant for example..
    mogo51
    20th Nov 2019
    1:30pm
    Yes, end the 'free lunch' mentality of pollies .
    johnp
    20th Nov 2019
    2:08pm
    agree with jewelszz and politicians with all their perks are "leeches on society". also self funded retirees are increasing greatly in number so frydenbergs claims are false and a lie !!
    libsareliars
    20th Nov 2019
    2:12pm
    Totally agree Jewelszz - pollies are the leaners in today's society.
    libsareliars
    20th Nov 2019
    2:13pm
    How good is the LNP?
    musicveg
    20th Nov 2019
    4:28pm
    Yes but which politician will start changing that, none of them.
    VeryCaringBigBear
    21st Nov 2019
    11:33am
    The amount saved by culling pollies pensions would be only a few cents each for all those on welfare.
    Oldchick
    21st Nov 2019
    11:56am
    At up to $220,000 per year for the rest of their lives just for the ‘big four’ who retired at the last election it’s not peanuts either. Plus they’re now all in plumb jobs and collecting the pension concurrently. Nice gig. At least 25 other serving parliamentarians are on the same scheme as are about 340 other retired MP’s and their spouses. that doesn’t take into account all the other lurks and perks that go along with that generous pension. Tally that up and it makes the $994 for an Aged or DSP look pretty ordinary.
    Farside
    21st Nov 2019
    12:17pm
    people love a desal plant when the catchments dry out.
    Farside
    21st Nov 2019
    12:27pm
    And how many times does it need to be said that the generous pollies pensions prior to 2004 election were part of their remuneration package and nothing to do with aged care pensions or other welfare. The changes should have been applied to all politicians elected since 2004 rather than exempting the changes from those re-elected.

    I haven't any issue with trimming perks, ensuring packages are in accord with community standards, applying transparency and governance with punishment for abusers but at least make the conversation from context based upon fact.
    ex PS
    22nd Nov 2019
    8:58am
    Time the Politicians did some of the lifting.
    mogo51
    20th Nov 2019
    11:09am
    There is a 'deep sink hole' in the Treasurers comments. Most retirees would gladly work on for a few extra years if it was made more beneficial for them to do so.
    For a start, drop the tax burden considerably for them. Then completely overhaul how much pensioners can earn in retirement. Why are they obsessed with penalising people who are trying to live a decen, normal life? Whilst they wallow in the pig trough and get a 'free kick'?
    These people in Canberra who think they are 'decendents of god' and indeed previous gov'ts before them, trat the very people who put them in the job, like animals.
    Paddington
    20th Nov 2019
    11:22am
    Yes, for sure! People tend to work until they cannot. Some jobs are easier to stay with longer too. I taught until nearly 70 when my health deteriorated. Part time workers are able to continue too more easily.
    Arvo
    20th Nov 2019
    1:35pm
    I would have gladly worked for another 5 years on reaching 65 yrs of age, except the new younger manager had a thing against older workers on his team, so he taunted, he demeaned until the point was reached where he was told to go and f--k himself. Some years into my retirement I checked up if he was still there as a manager ...nope, he didn't last long after I left.
    Rae
    20th Nov 2019
    2:47pm
    Yes Arvo a lot of young workers have problems with staff who are more experienced and are bigoted in their ideas of what older people can and can't do.
    Farside
    21st Nov 2019
    12:30pm
    true Rae, and there are also a lot of older workers similarly fixed in their ideas of what smarter and more capable younger people can and can't do and don't understand when they are ready for gardening leave.
    Chrissy
    20th Nov 2019
    11:15am
    I’m 64 and my last work contract just finished. I need an income whilst looking for another as I have no other means of support. I applied for Newstart ... followed all the procedures and received a message saying “ Your application has been REJECTED”. No explanation, no help offered on how to resolve this, no offer of help in the interim. I’m not sure how our government think we older Australians are meant to survive!
    Paddington
    20th Nov 2019
    11:20am
    That is awful Chrissy. And so unfair! Maybe get some advice or help and try again?
    older&wiser
    20th Nov 2019
    1:24pm
    Chrissy - we sound similar. I too got shafted out of my govt contract at age 64, with 19 months to go till I could claim Aged Pension. I was told I was not eligible for Newstart - at least I got an answer. Was because I had too much money in my bank account - so they said. And do you know why? Because I had taken some money out of my super to put on my mortgage to keep my house, so had a large amount sitting in redraw! Stupid me - if I had left the money in super and only drawn it every few weeks, I would have been eligible for Newstart. That money in the redraw was to pay the mortgage, not to go on luxury cruises or buy new cars.
    Could not get another job. Looked into Uber, but as I don't want to do it full time, I am not interested in getting paid $5 an hour (as my accountant worked out). So when I did go solely on the Aged Pension, most of my super had gone.
    Arvo
    20th Nov 2019
    1:51pm
    Most of us served in Vietnam under national service orders,risking our young lives, so these miserable government grubs of today get to dictate our ageing lives, get to blame us for the inadequacies of their own generation?
    McDaddy
    24th Nov 2019
    3:08pm
    older&wiser, did you mean an offset account, as redraw accounts are not counted towards assets
    floss
    20th Nov 2019
    11:22am
    This is what happens when you force population growth by excessive immigration.We have yet to see the real impact of this blunder as the call for more people in Australia goes on, bloody crazy.
    Arvo
    20th Nov 2019
    1:54pm
    Nothing wrong with migration that contributes to the economy of our society, it's the excessive immigration that doesn't but sponges of on our welfare.
    musicveg
    20th Nov 2019
    4:32pm
    I agree floss, we need to slow immigration at a pace that is more easier to handle, way too many people, only the Sustainable Australia Party are interested in this issue. Those who think it contributes to the economy in a good way should ask those who have lost their jobs to immigrants willing to take a pay cut. Look at all the delivery drivers they are 90% Indians, not that I have anything against them they are lovely people, but just shows that a whole industry has immigrants.
    Hobbit
    20th Nov 2019
    11:23am
    Income tax is only a part of the Government's revenue. If the ATO collected the tax due from Multi-nationals we wouldn't have a problem. If multi-nationals stopped hiding money in tax havens we'd have a surplus. Energy Australia is rumoured to have $6 Billion hidden in the Cayman Islands, that used to be public money. If we'd charged royalties on mining and put it in the Future Fund, we'd be rolling in cash.
    But instead, the ATO chases pensioners for tiny AirBnB income. And Politicians blame pensioners, instead of themselves for not preparing the country for the future.
    Hobbit
    20th Nov 2019
    11:27am
    Correction
    Energy Aust $30 billion since 2015
    Formally an Aust asset now HQ in Virgin Islands
    Farside
    21st Nov 2019
    12:33pm
    and don't forget those profits are after receipt of taxpayer funded subsidies.
    GeorgeM
    21st Nov 2019
    2:12pm
    Absolutely, Hobbit! This is a very resource-rich country where these politicians are fully responsible for squandering our wealth. With all our resources, we should be richer than the Middle East countries.
    Hobbit
    20th Nov 2019
    11:25am
    The likes of Glencore, Australian corporate tax dodgers, if they paid tax in Australia it would be worth 25% of Australia's budget.
    Daveh
    20th Nov 2019
    11:25am
    Every time I read about the consequences of an aging population I remind the politicians that Mr Keating spoke about this in parliament in 1992 when he introduced compulsory superannuation. No politician since 1992 can say they didn't know it was coming.

    Was is true is that successive government's have squandered the baby boomers birthrights of gov't owned income producing assets.

    I reckon the past pollies should be personally accountable for the mess and like company directors have to make good. Maybe if their personal assets were on the line they would do better rather than just sitting back on huge taxpayer funded pensions.
    Hobbit
    20th Nov 2019
    11:28am
    agree
    Rae
    20th Nov 2019
    2:54pm
    You mean public owned assets sold by government. The Government owns nothing it is purely representing the public citizens.

    Government should never have been allowed to privatise public revenue raising assets or even sell money losing assets for that matter either. They have made a dog's breakfast of services and money raising.
    Captain
    20th Nov 2019
    6:19pm
    Hooray, at last 20 odd years down the track people are beginning to realize that Governments did not own the public assets that they sold to private enterprises.

    I rallied against the sell offs back in the late 80's and early 90's and received boos and jeers for it. Unfortunately we can't get the assets back again, or our politicans don't have the guts to try to get them back.
    Horace Cope
    20th Nov 2019
    11:28am
    Ageism is alive and thriving in the Australian employment industry. Sadly, there is no way to get around this as employers are too clever to fall into the trap of saying that someone is too old for a job. Instead, applicants who are fortunate enough to get an interview are told that they are overqualified, were beaten by a person more highly qualified, another applicant had more experience and so on. This is the area of concern and cannot be fixed by legislation.

    There is no point in retraining older people for different work as the lack of hands-on experience will stop them even getting to the interview stage. The money that will be set aside for retraining could be better used to pay for the old age care that seems to be a future problem. An office worker may be able to work a bit longer past 67 but those who have spent their life doing valuable manual work may have a body incapable of going on. The idea floated by the Treasurer needs a lot of work before it can be put forward and when all of that work has been done, dump it.
    mogo51
    20th Nov 2019
    11:56am
    This is very true. My partner is experiencing this every day.
    Farside
    21st Nov 2019
    12:38pm
    retrain with slim prospects of finding a placement upon completion is not going to be a persuasive deal for many older workers or businesses. Who wants to supervise a grad when you expect they are not going to stick around?
    purplejan88
    20th Nov 2019
    11:35am
    all unemployed under 60 should be given the jobs, everyone's health is different and some of us can work past 60, 65 and 70 but we shouldn't be forced to. being a sovereign nation that can issue its own currency the govt should be spending the economy back into existence by raising all welfare payments to above poverty levels, implementing job guarantee, and spending on infrastructure/services and should be the country's largest employer (not selling off assets and outsourcing work). surpluses are not desirable - govt budget is not a household budget - govt's must spend to keep the economy going
    Dave R
    20th Nov 2019
    11:40am
    As usual the politicians want the ordinary people to bail out the mess the government has made of the economy. If they taxed their wealthy mates at the proper rate and collected what's due from multinationals Australia would have plenty of money to provide services to it's people.
    musicveg
    20th Nov 2019
    4:33pm
    Exactly
    andromeda143
    20th Nov 2019
    11:48am
    This is the usual crap we hear from politicians who cannot manage their own jobs properly. It is absolute garbage since the birthrate is rising, not reducing. Besides, when I retired at the age of 67 years, I tried unsuccessfully to get part-time work in a field where reports were claiming a shortage of workers. I had full qualifications and registration (plus experience) necessary to teach secondary mathematics and science. No schools wanted my services because they only wanted full time employees and I only wanted to work a maximum of four days a week. I even offered my services free of charge to several secondary colleges, but they were not interested. Perhaps they thought I was too old.
    In the end I gave up looking and took my retirement. I do not think employers want to employ older people. They probably think we are not up to the rigours of the normal workforce.
    There are many others in their fiftees who cannot get jobs because no-one wants them. Just look at the people having to take newstart . Frydenberg is completely out of touch with reality, as are most of his colleagues. Perhaps all these privileged politicians should have to go searching for jobs in their fiftees to bring them down to earth.
    Rae
    20th Nov 2019
    3:00pm
    The State Schools went through a period when they were not employing older teachers because they were expensive compared to new teachers. It's ended in a shortage but it's too late now. Hard to go back when you've been away a while.

    the insurance problems of employing over 65s have not been sorted either even after all this time. Slack.

    The past 40 years of neo-liberal policy has pretty much ruined the work place and people's opportunities.
    Janus
    20th Nov 2019
    11:57am
    It is obvious that people over 55 who want to work, either have to have a job already, or they won't get one. This is especially true in the physical jobs, where workers "wear out" and can't keep up. In the more administrative jobs, the mental "drive" to get to the top has mostly faded, in many folk. I suspect that most older folk only work because they failed to save adequately when they could - they overspent on themselves. I find that (as I saved like all get-out, and have no debts) I have enough to have a comfortable lifestyle, and my savings do not decrease. I retired because a) I could and b) I was mentally worn out. Most retired folk I talk to are similar.

    An alternative view is that every older person employed keeps a younger person unemployed. Quit now! Give a kid a job! The gubmint will support you! Er, sorry, that last bit fails.
    patti
    20th Nov 2019
    12:02pm
    Culture needs to change if older people are expected to work. Who will employ them? I have not had employment since being made redundant at 57, now 75, could still work part-time but why should I? I paid enough tax over my working life to keep me till I'm in my 90s at the current pension rate......this has been coming for a long time - supports should be in place, instead of helping the USA with their space program, and opening Christmas Island for one family
    Farside
    21st Nov 2019
    12:42pm
    I'm hearing you. Two redundancies in my 50s, an ill-timed illness putting the kibosh on a lucrative contract gig, hundreds of job applications and handful of interviews, later early retirement begins to look attractive. As Janus said, "every older person employed keeps a younger person unemployed".
    tosla
    20th Nov 2019
    12:07pm
    The Treasurers ‘ Economic time bomb’ could be almost solved if the middle class welfare handout of franking credits were applied only to those who actually pay tax.
    Rae
    20th Nov 2019
    3:02pm
    Or they cancelled tax concessions for superannuation and childcare. Those people should pay their fair share of taxes too not just shareholders.
    MICK
    20th Nov 2019
    12:11pm
    Spare this community the government propaganda Janelle.
    If things were so bad there would not have been a $180 billion handout, most of it destined for the top end of town. Called tax relief but little more than paying back supporters for their votes.
    Instead of writing this sort of BS you may want to focus on the repeated and ongoinf attacks on retirees. The reduction in the pension assets test threshhold. The ongoing discussion of putting the family home into the assets test. The 'work until you drop' rubbish so that nobody will eventually retire and there will be no pension. Perfect for a corrupt government which runs up unsustainable debt and hands out taxpayer money to the wealthy and to mates.
    About time YOU and the wider media took this attack on head on. Too frightened? Maybe YLC gets funding from the devil? I do not understand!
    Rae
    20th Nov 2019
    3:04pm
    Yes MICK I thought that. Whining about aged workers on Newstart when they just gave $180 billion in tax cuts is pretty hypocritical.
    Rockdoctor
    20th Nov 2019
    12:18pm
    I worked until I was 76 (this government must love me) but I was always conscious that there were younger people who needed my job. I also made every effort to ensure that I was financially secure in my retirement, without relying to much on following generations. If we expect the following generations to support us then we have to make sure that they have the work to earn the wages to to just that. This Government can't have it both ways, if the older work longer then there are fewer jobs for the young.
    MICK
    20th Nov 2019
    2:48pm
    And there's the problem: THERE IS NO GROWTH IN FULL TIME JOBS. The facts are these are disappearing and automation/robotics is stil in its infancy.
    WE have nothing to be ashamed of because WE did it the hard way in frugal times. I won't be getting out the violin for millennials who demand their cake (lifestyle!) and expect to eat it too (a house for nix). It simply never worked that way!
    Rae
    20th Nov 2019
    3:09pm
    I wonder if the problem is they can't get millennial to do the hard jobs. A local trade was complaining his apprentice just up and left to go overseas in this really busy period and left him stranded. He won't take another on.

    My daughter in management complains about how lacking in resilience young workers are for example needing a week to move home. Remember when we moved on the Saturday, threw a BBQ for the helpers on the Sunday and went back to work Monday.

    The helicopter parenting has gone way too far perhaps.

    Maybe older workers are the only ones left to still do the unpleasant and hard jobs.
    MICK
    20th Nov 2019
    10:51pm
    Well told Rae. You are telling the story millennials don't want to hear but its true. Most are soft and leading an unsustainable lifestyle which they want their parents to fund. Oh yes...the bank of mum and dad is the fifth (?) biggest in the country. Tells another compelling story.
    Farside
    21st Nov 2019
    12:57pm
    Mick observes most millenials "are soft and leading an unsustainable lifestyle which they want their parents to fund". Well Mick, who raised them to miss out on learning the values of self-reliance, resilience, ambition and independence? Actions have consequences. Cannot undo the past so the challenge is how to move forward from where we find ourselves today.
    Desmund
    20th Nov 2019
    12:24pm
    Australia is almost in recession and this, work till you drop rubbish is the only solution this pack of clowns can come up with, total incompetence by a drop kick minister who is so out of touch with the hardship some people are suffering it's no longer tolerable. Been there, made redundant at 63, well qualified, applied for numerous positions, gave it away when a young employer told me to go home and look after the grandkids. There are no jobs out there for the young, certainly nothing for us old timers, what would we do? Deliveroo, mow lawns, flip burgers? They have no plans for training schemes, just more meaningless drivel from a clueless government fixated on a surplus just as Maggie Thatcher did, she managed to fix the budget, but the country was on its knees by then. I see too many similarities with Thatcherism and this current governments right wing policies, Things will continue to get worse until some real fixes are applied. Fix new start payments to start with, spin offs would be great for all areas, we know that will not happen. Politicians salaries and pension, past and present need some scrutiny, how is it fair a polly can retire on 300k a year for the rest of their natural life, an age pensioner lives on a pittance and is means tested all the way to poverty. And for the Lib lovers, I don't believe any of the other political parties have a clue how to fix this countries finances.
    Desmund
    20th Nov 2019
    12:24pm
    Australia is almost in recession and this, work till you drop rubbish is the only solution this pack of clowns can come up with, total incompetence by a drop kick minister who is so out of touch with the hardship some people are suffering it's no longer tolerable. Been there, made redundant at 63, well qualified, applied for numerous positions, gave it away when a young employer told me to go home and look after the grandkids. There are no jobs out there for the young, certainly nothing for us old timers, what would we do? Deliveroo, mow lawns, flip burgers? They have no plans for training schemes, just more meaningless drivel from a clueless government fixated on a surplus just as Maggie Thatcher did, she managed to fix the budget, but the country was on its knees by then. I see too many similarities with Thatcherism and this current governments right wing policies, Things will continue to get worse until some real fixes are applied. Fix new start payments to start with, spin offs would be great for all areas, we know that will not happen. Politicians salaries and pension, past and present need some scrutiny, how is it fair a polly can retire on 300k a year for the rest of their natural life, an age pensioner lives on a pittance and is means tested all the way to poverty. And for the Lib lovers, I don't believe any of the other political parties have a clue how to fix this countries finances.
    Chris B T
    20th Nov 2019
    12:44pm
    The Governments, Federal,State should be more involved in Training and Incentives to Industry to Train.
    This 457 visa has to go. It just makes Our Training System useless.
    The other is Taxing.
    Universal Pension would be Needed as well.
    MICK
    20th Nov 2019
    2:52pm
    The 457 visas were a con from the very beginning. Underpaid workers keep coming forward. As if the government had no idea!
    We have Australians to fill jobs and the skills have always come from on the job training. The real issue we have with millennials is they don't want to do the hard yards and they don't for the most part want to do physical work. The government could fix that but they choose what business cries out for: imports cheap labour whilst allowing our own to sit on Newstart.
    PJ
    20th Nov 2019
    12:50pm
    Not a hope in the current workforce - Ageism is rampant and getting worse!! There is plenty of Money in the Budget to go around if it is distributed equitably. Our current mess is largely to do with all the wage increases / 'bonuses' going to a very small privileged few. The only trickle-down happening is a 'flood' of $$ to the top fatcats and entitled ones!!!
    Mad as Hell
    20th Nov 2019
    1:08pm
    Offshore gas giants like Shell, Chevron, and BP are cheating Australians like us out of billions of dollars by exploiting an outdated, broken mining royalties system.

    We are letting the world’s largest fossil fuel corporations dig up our precious natural resources for free.

    It’s a broken system, Australians stand to miss out on $480 billion over the next two decades. That's more than six times the entire health budget.

    Why isn’t the Treasurer calling for reform on this issue.

    Maybe the Government is being fiercely lobbied by the fossil fuel industry behind closed doors.

    Lets get the battlers.
    MICK
    20th Nov 2019
    2:55pm
    TRUE TRUE TRUE. And we're allowing the same criminals to exploit our tax system by not paying thier rightful taxes.
    My wife and I owned shares in the company which Chevron now owns over the 3rd largest LNG deposit on the planet: Gorgon. That was our retirement money. Now the bastard of a government we had to have, having stolen our retirement investment, refuse to pay a pension.
    We should all be as mad as hell....but sadly there are many simple monded folk who believe the lies they are told as well as many paid spruikers who are very convincing and do their job well.
    GeorgeM
    21st Nov 2019
    2:17pm
    This is probably the most shifty Treasurer we have had (Hockey was the worst), who never tells the truth and never answers any questions. Voters have to seriously put pressure to have him removed. Absolute hypocrisy as noted by others after getting the $180Billion tax cuts passed, mainly for the rich.
    Farside
    21st Nov 2019
    3:37pm
    not going to happen George, the voters of Kooyong would vote in anyone wearing a liberal party ribbon
    GeorgeM
    21st Nov 2019
    9:44pm
    Farside, that sort of problem is widespread in many electorates. It is up to Retirees (who have more experience and time on their hands) to lead the push to vote OUT all such leeches on every seat in every election to shake up the system in Canberra. It requires a concerted push till it gathers momentum - not helped by negative people such as you. That's why Retirees keep getting banged up by politicians as they are not united - too many people are also too lethargic, don't know what's good for them and give up easily when influenced by negative types / party trolls.
    Farside
    21st Nov 2019
    10:15pm
    It is a futile and ultimately pointless effort to tackle the many safe seats like Kooyong when there are many marginal seats that can be influenced. It would only take a few thousand votes here and there to change the government.
    GeorgeM
    22nd Nov 2019
    12:09am
    Old Chinese saying - If you aim for the sky, you may get to the top of the tree, but if you aim for the top of the tree, you may not get off the ground!

    Given the destruction of this resource-rich country by these Liberal & Labor politicians, this needs to be all-out war by all of us to get them all, or as many of them as possible, out.
    Farside
    22nd Nov 2019
    3:39pm
    you might want to re-read your Sun Tzu "Art of War" and modify that strategy George.
    travelman
    20th Nov 2019
    1:12pm
    Aged pensioners an economic time bomb on our nation? Is Josh Frydenberg right in the head? Economic wise he wouldn't know peas from pumpkins. We have about 30% of people on part-time work not able to earn enough to escape welfare payments, another 7% long term unemployed with no hope of getting work. The Australian dream of owning a home now instead a dream, a nightmare due to many being caught in the excessive rental cycle. A nation as number one globally with the highest debt of any country, wages flat, sales down, businesses struggling close to bankruptcy and our national deficit the highest on record. What I am saying is we have an economy in crisis and if we get a recession in the next 3 years then we will really be right in the proverbial stuff. I said it once and I say it again and again, we have to get rid of this government and most definitely this halfwit treasurer. Well Paul Keating your prophecy has come - WE ARE NOW A BANANA REPUBLIC.
    travelman
    20th Nov 2019
    1:12pm
    Aged pensioners an economic time bomb on our nation? Is Josh Frydenberg right in the head? Economic wise he wouldn't know peas from pumpkins. We have about 30% of people on part-time work not able to earn enough to escape welfare payments, another 7% long term unemployed with no hope of getting work. The Australian dream of owning a home now instead a dream, a nightmare due to many being caught in the excessive rental cycle. A nation as number one globally with the highest debt of any country, wages flat, sales down, businesses struggling close to bankruptcy and our national deficit the highest on record. What I am saying is we have an economy in crisis and if we get a recession in the next 3 years then we will really be right in the proverbial stuff. I said it once and I say it again and again, we have to get rid of this government and most definitely this halfwit treasurer. Well Paul Keating your prophecy has come - WE ARE NOW A BANANA REPUBLIC.
    Worried
    20th Nov 2019
    1:15pm
    I would suggest that it is not “Older Australians must work for longer for a sustainable economy” but it is actually Younger Australians who need to work full time for a sustainable economy.

    They need to get a work ethic and actually work full time and demonstrate commitment, not do part-time work fluffing around with hobbies. There appears to be a lot of mental health issues amongst the youth and a lack of resilience to cope with life. If they worked full time and were responsible for their living costs, they would quickly learn responsibility, drive and commitment. All that extra time on their hands looking into their phones for validation, can be a pathway to depression.

    I see a definite “lack of work ethic time bomb” amongst the young. Let them work two and three jobs like we had to achieve what they want It is their turn to contribute to society and learn to be responsible, hard working Australians.

    Recent research has shown that those that work until their 60’s die young but those who retire around 55 live much longer. Make us work longer, No, Who would want to go into aged care in Australia these days, it’s a horrible prospect. At least give those who have worked a proper income in the gap period between say 55 and 67 the retirement age, not Newstart.

    New Zealand has the right idea, they don’t have an assets test and many older people even in their 70’s work, there is no penalty for this extra income, nor for having tonnes of assets, they still receive the pension.

    I would suggest that there is a gap in benefits. Older people looking for work really want the work, they do not want to live in poverty on Newstart. Yes, we are having to sell or downsize our properties to survive. Fortunately most of us in retirement, or nearing retirement, were from a generation that had nothing, so we do actually appreciate even the smaller things. So in that respect as we go into retirement without much, we will be happy nevertheless with what we have, as we are used to having nothing.

    Working does offer some feelings of satisfaction and worth. The government needs to stop allocating funding to the sections of the community that really do not want to work and help those (young and old) who DO want to work. There is very little effort and money put into these groups. The classification system for the funding is all wrong for job seekers they money goes to the wrong groups.
    Worried
    20th Nov 2019
    1:17pm
    I would suggest that it is not “Older Australians must work for longer for a sustainable economy” but it is actually Younger Australians who need to work full time for a sustainable economy.
    They need to get a work ethic and actually work full time and demonstrate commitment, not do part-time work fluffing around with hobbies. There appears to be a lot of mental health issues amongst the youth and a lack of resilience to cope with life. If they worked full time and were responsible for their living costs, they would quickly learn responsibility, drive and commitment. All that extra time on their hands looking into their phones for validation, can be a pathway to depression.
    I see a definite “lack of work ethic time bomb” amongst the young. Let them work two and three jobs like we had to achieve what they want It is their turn to contribute to society and learn to be responsible, hard working Australians.
    Recent research has shown that those that work until their 60’s die young but those who retire around 55 live much longer. Make us work longer, No, Who would want to go into aged care in Australia these days, it’s a horrible prospect. At least give those who have worked a proper income in the gap period between say 55 and 67 the retirement age, not Newstart.
    New Zealand has the right idea, they don’t have an assets test and many older people even in their 70’s work, there is no penalty for this extra income, nor for having tonnes of assets, they still receive the pension.
    I would suggest that there is a gap in benefits. Older people looking for work really want the work, they do not want to live in poverty on Newstart. Yes, we are having to sell or downsize our properties to survive. Fortunately most of us in retirement, or nearing retirement, were from a generation that had nothing, so we do actually appreciate even the smaller things. So in that respect as we go into retirement without much, we will be happy nevertheless with what we have, as we are used to having nothing.
    Working does offer some feelings of satisfaction and worth. The government needs to stop allocating funding to the sections of the community that really do not want to work and help those (young and old) who DO want to work. There is very little effort and money put into these groups. The classification system for the funding is all wrong for job seekers they money goes to the wrong groups.
    DaddyKool
    24th Nov 2019
    2:34pm
    The workplace has changed.
    I know many young people who are not fully employed. Not their choice it’s the older generation that changed employment conditions. Casual is the only choice for many and I know of full time job that turned out to be come in only when required. Contracts are not all good. Sorry but I couldn’t get past the start of your epic.
    Triss
    20th Nov 2019
    1:33pm
    This irritates me so much I can feel steam coming out of my ears. Why is the duty of the elderly to pay back the myriad of government financial blunders? Cut politicians’ , bureaucrats, etc salaries by 50%, stop all the double dipping, perks like gold pass, multiple business class airfares and ex politicians who will be a burden to taxpayers for up to 60 years. Grow a spine, Frydenberg, and go after the multi nationals and make them pay their dues.
    mogo51
    20th Nov 2019
    1:34pm
    Well said.
    MICK
    20th Nov 2019
    2:57pm
    Yes Triss but that would require a spine. Remember WHO this government is working for too. Its not all Australians. What they say is cmpletely different from what they do.
    Farside
    21st Nov 2019
    1:05pm
    Triss asks "Why is the duty of the elderly to pay back the myriad of government financial blunders?". Well the elderly are the ones that voted governments in and out and shaped policies to improve their own back pockets rather than the long term national interest. It's not fair but it would be less fair to expect the younger generations to bear the cost of our blunders.
    Kato
    20th Nov 2019
    1:34pm
    Not a Peep about this before the election and it would have been on there agenda. Stop franking credits to the rich not the retirees who do the right thing. Stop churches paying no taxes there are myriad schemes thought up by Various Governments which should be scrapped. Leave the aged alone. My super giving me a reasonable income has shrunk to the point where I'm not far off having to apply for a part pension am I to be vilified by a Government hell bent on causing division within the community to defray from there policy failures.
    MICK
    20th Nov 2019
    2:59pm
    This lot would hide their agenda Kato. If people knew what their long term game plan was they'd be horrified. What this lot do is bring in one piece of poison at a time. Its the classic lobster pot over the fire trick. You start off with cold water and heat gradually. The poor buggars never even feel what is happening.
    ex PS
    24th Nov 2019
    10:06am
    The Labor Party made the mistake of detailing its plans and was punnished for it. I doubt it will happen again. The voter is uncomfortable with the truth, they prefer lies that make them feel safe.
    Tanker
    20th Nov 2019
    1:35pm
    An overlooked part of this "problem" is the amount of jobs being transferred overseas to low cost countries. We have all had to make calls to call centres for support from various institutions etc to end up talking to someone whose English betrays the fact they are overseas. Jobs that were once done by Australians.
    There is also the number of jobs that have disappeared because of technology allowing a reduction in the workforce. There used to be much talk of everyone only working 3 or 4 days a week but what happened? The work force was reduced while those kept on worked at least as many hours as before while those retrenched looked for another job.
    Now we find the government is blaming older workers for the very situation they, the government, fully supported at the time.
    Mondo
    20th Nov 2019
    5:05pm
    Tanker, I totally agree. A higher tax rate for companies that make their money by offshoring employment would be a good start to fixing this. Alternatively, if the Government is so keen to reduce company tax rates do so for those who employ at least 80% of their staff in Australia.
    Tanker
    20th Nov 2019
    1:35pm
    An overlooked part of this "problem" is the amount of jobs being transferred overseas to low cost countries. We have all had to make calls to call centres for support from various institutions etc to end up talking to someone whose English betrays the fact they are overseas. Jobs that were once done by Australians.
    There is also the number of jobs that have disappeared because of technology allowing a reduction in the workforce. There used to be much talk of everyone only working 3 or 4 days a week but what happened? The work force was reduced while those kept on worked at least as many hours as before while those retrenched looked for another job.
    Now we find the government is blaming older workers for the very situation they, the government, fully supported at the time.
    Sundays
    20th Nov 2019
    1:44pm
    The reality is that there is a shortage of jobs. I read that there are an estimated $3million people who are underemployed, or unemployed and looking for work. If the Government boosted the economy there would be more jobs. Ageism also needs to be addressed.
    MICK
    20th Nov 2019
    3:01pm
    There's plenty of jobs Sundays but what Morrison and his predecessor did was to turn full time jobs into sevral casual jobs. THESE ARE NOT REAL JOBS!!! Sadly journalists let the sttistics go through to the keeper.
    Happy
    20th Nov 2019
    1:52pm
    Work part time and get a part pension, would love to work more but the more I earn the worse off I am, government should look at deeming rates, tax for people working after retirement and make it more enticing for people to stay in the workforce after retirement age
    Oldchick
    21st Nov 2019
    11:32am
    Happy, I agree with you. I’m back working one day a week - on DSP - and it’s barely worth it for what they take off my pension. No incentive.
    Farside
    21st Nov 2019
    2:45pm
    think of it as interning or volunteering with any coin leftover a bonus Oldchick and you will be less disappointed. You're out interacting with others, giving yourself purpose and keeping active ... all things the experts tell us that oldies need to do more of
    Flippit
    20th Nov 2019
    1:55pm
    What I am trying to get my head around is something my tax accountant told me recently.
    People who emigrate or have emigrated in the past, to Australia can get the retirement pension even though they have never contributed towards it. I live off a European pension that I paid into all my working life. I get a small top up from the government to compensate for the fact that living in Australia means my pension never increases.I also regularly come off the Australian pension to work but then I penalised if I earn over their paltry fortnightly threshold.
    Can someone explain the justice of this?
    Rae
    20th Nov 2019
    3:19pm
    No justice. I worked all my life from age 14 and 9 months in Australia sometimes at two jobs and because I was forced to pay compulsory super get no pension or concessions at all.

    How good is living frugally and working hard to be penalised for doing it.
    Farside
    21st Nov 2019
    2:48pm
    a day above the ground "living frugally and working hard to be penalised for doing it" is a lot better than the alternative.
    ollie
    20th Nov 2019
    2:21pm
    Here we go again the only economic time bomb is a government who has no idea how to handle the economy when times are tough they seem to hit the most vulnerable .There are less people receiving a pension now than there were 10 years ago statistics dont lie. I worked for over 50 years and was glad that my working life had finished and i retired at 65 because parts of me were struggling They seem to forget that we earned the aged pension its not a hand out like they claim same rubbish its only a diversion to try and hide the fact that the economy is in crisis
    MICK
    20th Nov 2019
    3:03pm
    You are discussing Class Warfare. This lot know full well what they are doing. Remember they gave the wealthy huge tax cuts. Around $180 billion from memory with much of this not even in the kitty. This is why the bastards are scratching around and trying to extract/deny money from working Australians. More to come.
    Rae
    20th Nov 2019
    2:40pm
    There are three times the number under 18 though.

    Are we going to tax the second and subsequent children heavily, cancel childcare tax concessions and encourage family planning.

    If the baby boom was 70 000 births then what do you call the 300 000+ annual births now a super dooper baby boom. And what happens when a thousand or so retire every day in 50 years time.

    Or will they wait until they get there and panic like now.

    I know I'm ranting but the nonsense of this just does my head it. Who waits until the consequences hit and then panics except the LNP.
    mogo51
    20th Nov 2019
    3:05pm
    Labor, except they never think about anything, just recklessly spend. Neither of the 2 majors are any good and both have been equally responsible for the current state of the Nation.
    So we need to be fair in our assessment.
    Rae
    20th Nov 2019
    3:22pm
    Yes I agree mono. One spends like crazy on social services and benefits taxing workers hard and the other spends on supporting businesses and taxing workers hard. Pity a lot of the money goes to foreign investors.
    Captain
    20th Nov 2019
    6:58pm
    Rae, in the years between 1946 and 1964 (baby boomers who are now retiring) there was an average of 200,000 population growth per year.

    From 1980 to 2005 the average growth in population was 300,000 per year, and increasing by larger numbers in subsequent years.

    If there are now more people who are of working age than those retiring, why is there a pension crisis? We must also remember that with compulsory super from 1991 onwards, there will be fewer people who are retiring who will be claiming the full pension.

    Successive government's, LNP and Labor have sold us a lie and we have fell for it and continue to fall for it.

    The above figures are Bureau of Statistics numbers (averaged).
    DaddyKool
    23rd Nov 2019
    12:01am
    Could it be that we are living longer? It not just births that matter.
    musicveg
    23rd Nov 2019
    12:26am
    DaddyKool here are the stats:
    On 23 November 2019 at 12:24:18 AM (Canberra time), the resident population of Australia is projected to be:

    25,530,138

    This projection is based on the estimated resident population at 31 March 2019 and assumes growth since then of:
    one birth every 1 minute and 46 seconds,
    one death every 3 minutes and 19 seconds,
    one person arriving to live in Australia every 59 seconds,
    one Australian resident leaving Australia to live overseas every 1 minute and 46 seconds, leading to
    an overall total population increase of one person every 1 minute and 24 seconds.

    These assumptions are consistent with figures released in Australian Demographic Statistics, March Quarter 2019 (cat. no. 3101.0).

    Here is the website for further info:
    https://www.abs.gov.au/ausstats/abs%40.nsf/94713ad445ff1425ca25682000192af2/1647509ef7e25faaca2568a900154b63?OpenDocument

    What is amazing is the rate of immigrants 1 every 59 seconds!
    Vincem50
    20th Nov 2019
    3:18pm
    I was made redundant at 63, it took me three years to find a job, and it was well below my skill set and pay grading, but I took it . This is what the government fails to understand trying to get a job once you are over 50 is next to impossible, and to get the jobs available, you have to put yourself down to a much lower position, and pay in most cases, and in many cases you only get the jobs no one else wants as they are low paid low skilled jobs that younger people will not accept. I am happy with what I do and have worked up the scale by working harder and longer than the younger employees, who still bitch behind my back, but do not put in any effort. These are the people who turn up to work just on time or fashionably late, then make their brakfast and eat it at work, then check all the social media then think about maybe actually doing some work they are the same ones who have no sickleave as they continually use it up. I go from site to site and see this everywhere I go, many people would be lucky to work 4 hours a day and complain they are overworked.
    Snowflake
    20th Nov 2019
    3:26pm
    This is old re-cycled nonsense. The training companies will be rubbing their hands together in the hope of getting a contract to re-train older people. And then when the government realise what a load of bollocks it is they will cancel funding and the training companies will be out of business and probably at a loss.
    I was going to get a part time job but decided that the unecessary paperwork, every two weeks, would be too much and decided not to. This is without doubt the worst government I have ever seen in my long life. I pray things will get better, Oh, no that's Morrison's answer to rain, isn't it. Sorry Scoblow.
    musicveg
    20th Nov 2019
    4:24pm
    But if older people work longer then younger people do not get jobs, so why not give older people the pension they deserve and get the younger people jobs.
    Captain
    20th Nov 2019
    7:00pm
    musicveg, that is a little too simple for the average politican to understand.
    DaddyKool
    22nd Nov 2019
    11:20pm
    Agree insofar as when I retired I thought well I’m leaving an opening for younger people to move into. If I really didn’t need the money then I was being very selfish to work for more cream.
    A few years later I can see I have plenty so ..
    Old grey
    20th Nov 2019
    5:28pm
    "Retired" several years ago, since then have worked at several short time tasks, but none pay enough to pay all of my bills. Maybe we need a better class of politician, one who will work for the betterment of the country rather than pontificate on the ills that beset modern Australia, most of which have been visited on us by the current crop
    Old grey
    20th Nov 2019
    5:28pm
    "Retired" several years ago, since then have worked at several short time tasks, but none pay enough to pay all of my bills. Maybe we need a better class of politician, one who will work for the betterment of the country rather than pontificate on the ills that beset modern Australia, most of which have been visited on us by the current crop
    Mondo
    20th Nov 2019
    5:32pm
    It only goes to demonstrate clearly how short sighted and totally hypocritical this Government is. In my latter working years after a lifetime in industry I was asked to join a Federal Government agency to help provide the commercial expertise it lacked. When the LNP government got into power they put all senior employees on two year contracts so they could forcibly retire senior workers. Under the LNP this Government agency had a policy of encouraging staff to retire at age 60 to allow them to employ more (inexperienced) younger staff. I have no problem with creating work opportunities for younger workers but the Government can't have it both ways unless it creates more genuine, productive employment opportunities. Personally I was happy to retire and get away from a Government that clearly still doesn't know its head from its arse!
    Rocky2
    20th Nov 2019
    6:57pm
    Its time to restore the 1946 the National Welfare Fund that was stolen by the LNP and ALP , the money could be replaced by stopping overseas aid as Menzies said “The stigma of charity should be removed from the Age Pension.” ”It should be an entitlement earned by the person’s personal contribution to the fund.” Prime Minister Chifley agreed and established The National Welfare fund as at 1/1/1946. A “Trust” Fund with the Parliament as “Trustee.”
    The Compulsory Contributions (levy) commenced as at 1st January 1946.
    It was shown separately on the personal Tax Assessments for 1946, 1947, 1948, 1949 and 1950
    and the compulsory levy was properly paid straight into the Special “Trust” fund
    and Welfare claims were paid out of the fund.
    The balance in the fund in 1950 was almost 100 Million Pounds,in after large spending sprees by the LNP and ALP in 1977 Liberal Prime Minister ( Malcolm Fraser ) with Treasurer Philip Lynch ) transferred the balance in the Welfare Fund Account ( approximately $ 470.000.000 ) to Consolidated Revenue Account
    in 1985 Australian Labor Government repealed acts No. 39, 40, and 41 of 1945 ( The National Welfare Fund Acts ). Thus the funds finally ceased to exist yet the 7.5% levy continued to be collected as a proportion of the Income Tax revenue
    Rocky2
    20th Nov 2019
    6:57pm
    Its time to restore the 1946 the National Welfare Fund that was stolen by the LNP and ALP , the money could be replaced by stopping overseas aid as Menzies said “The stigma of charity should be removed from the Age Pension.” ”It should be an entitlement earned by the person’s personal contribution to the fund.” Prime Minister Chifley agreed and established The National Welfare fund as at 1/1/1946. A “Trust” Fund with the Parliament as “Trustee.”
    The Compulsory Contributions (levy) commenced as at 1st January 1946.
    It was shown separately on the personal Tax Assessments for 1946, 1947, 1948, 1949 and 1950
    and the compulsory levy was properly paid straight into the Special “Trust” fund
    and Welfare claims were paid out of the fund.
    The balance in the fund in 1950 was almost 100 Million Pounds,in after large spending sprees by the LNP and ALP in 1977 Liberal Prime Minister ( Malcolm Fraser ) with Treasurer Philip Lynch ) transferred the balance in the Welfare Fund Account ( approximately $ 470.000.000 ) to Consolidated Revenue Account
    in 1985 Australian Labor Government repealed acts No. 39, 40, and 41 of 1945 ( The National Welfare Fund Acts ). Thus the funds finally ceased to exist yet the 7.5% levy continued to be collected as a proportion of the Income Tax revenue
    Farside
    21st Nov 2019
    3:04pm
    how do you know the 7.5% levy wasn't discontinued at the next time the tax tables were reviewed following consolidation? The Fund was problematic from day one with payments unrelated to income.
    floss
    20th Nov 2019
    7:15pm
    Some one voted this mob in and will do so at the next election they just love to be punished.
    Mondo
    21st Nov 2019
    10:00am
    Does anyone remember seven months back in the lead up to the election the many arrogant pro LNP posters to YLC trumpeting the economic miracle workers the LNP are and what a wonderful job they would continue to do after the election? Where are they now?
    VeryCaringBigBear
    21st Nov 2019
    11:36am
    LNP is doing a great job as if Labor was elected we would already be in deep recession due to their horrendous taxes.
    Farside
    21st Nov 2019
    3:10pm
    Bear, you are clearly smart enough to know arguing we would already be in deep recession if Labor was elected is a specious argument that in no way provides evidence of the LNP government doing a great job.
    Mondo
    21st Nov 2019
    4:55pm
    Yes, Very Caring Bare I do recall Abbott saying that interest rates would always be lower under an LNP government; what he didn't say was why? The current local economic situation can hardly be blamed on the US China trade war; mineral commodities our major source of export income are at near record high prices, according to the government the demand for our coal is growing; the Chinese embargo on US ag. products has created a demand opportunity for our farm produce if only we didn't have climate change induced drought to limit production and we had we managed the Chinese relationship better. Imports are down because consumer sentiment is low. Homelessness and poverty is growing. The LNP can hardly blame Labor any more so where are the jobs and economic growth promised by the LNP at the last election and for years before that?
    Viking
    21st Nov 2019
    7:56pm
    Mondo. Add to the above the disasterous robo-debt fiasco where our own government which is there to protect the people ripped off tens of thousands of the most vulnerable and didn't back off until it was faced with an embarrassing class action and has claimed a budget surplus on the back of short changing NDIS applicants. The mob that didn't want banking or aged care Royal Commissions have had their gross lack of judgement exposed. A government that doesn't care for the people who elected it has no place in democratic society but then I question whether a government that gets in on the votes of the people and then takes its orders from the foreign owned mining industry is democratic anyhow.
    Alexii
    21st Nov 2019
    12:40pm
    I wonder when Frydenberg and his ilk will start suggesting that we older Australians should be put down if we are not willing to work longer. Of course those same characters won't have to work until they are 70.
    ex PS
    22nd Nov 2019
    11:31am
    I put myself on the scrap heap. I decided decades ago that I would retire young enough to enjoy a healthy, productive retirement.
    The concept of a work ethic where people slaved away at mind numbing physically hard work untill thecwerecworn out or just died on the job was invented by the rich in order to provide a cheap workforce in order to build their own wealth.
    The Lib/Nats are being funded by the wealthy to ensure that they and their offspring never have to raise a sweat in order to fund their lifestyles.
    Wake up, the Liberals in particular are not interested in the welfare of those who can't fund their election campains.
    DaddyKool
    22nd Nov 2019
    12:42pm
    So to all the people criticising today youth.
    You grew up in post WW2 posterity low unemployment and permanent full time jobs. You had access to superannuation. You should have done better financially than your parents. And now you need to work after 65 and take a pension.
    Pathetic hypocrites.
    Captain
    23rd Nov 2019
    9:07am
    DaddyKool, most people did not begin to receive superannuation until 1991, when the Superannuation Guarantee commenced, and at the time it was 3%.

    Hardly enough time for people to accumulate a sizeable super amount if you started receiving the SG when you were 40 plus. Also take into account that the GFC cost those same people upward of 40% of their accumulated funds.

    Taking generalities and trying to turn them into cold hard facts does not constitute a solid argument. When you can come up with lucid arguments and not denigrate those obviously older and possibly much smarter and more experienced than you, please return to this site.
    DaddyKool
    23rd Nov 2019
    1:51pm
    Captain
    I was speaking from my own experience.
    I took up superannuation around 40 salary sacrificed was retrenched got re-employed lost lots in GFC sat it out as share market recovered and have been retired several years now no pension plenty of cash. Turned out better for me financially than my parents who grew up in depression and had WW2 to live through.
    Apologies if you felt denigrated oh wise Captain
    DaddyKool
    22nd Nov 2019
    12:42pm
    So to all the people criticising today youth.
    You grew up in post WW2 posterity low unemployment and permanent full time jobs. You had access to superannuation. You should have done better financially than your parents. And now you need to work after 65 and take a pension.
    Pathetic hypocrites.
    ex PS
    26th Nov 2019
    8:51am
    Conscription to fight an unwinable war, 17% home loan rates in a period of high unemployment, the floating of the Australian dollar, recession.
    How dare us Boomers complain about an otherwise idealic life.
    No, I don't have to work past 60, I didn't have to work past 55, I learned how to manage what money I had, I learned to distinguish between want and need, learned to wait for the things I wanted instead of putting them on credit, I learned that having to have the latest release of everything that came on the market was wasteful.
    I never expected someone else to pay for my bad spending habits.
    It's quite simple really, no one owes you anything, if you want something, get of your arse and work for it.
    DaddyKool
    2nd Dec 2019
    1:32pm
    Ex PS
    I’m sorry you were conscripted it certainly must have been a tough experience.
    When interest rates were high houses were much cheaper relative to average earnings.
    I was comparing my journey to that of my parents growing up in depression and being young adults during WW2.
    ex PS
    26th Nov 2019
    8:54am
    This government is top notch at recognizing problems.
    Just hopeless at solving them.
    panos
    2nd Dec 2019
    9:57am
    If only all the imports we get that go straight on the dole had a job we would be good, I just dont see the point of importing people to go on the dole for the rest of there lives
    panos
    2nd Dec 2019
    9:57am
    If only all the imports we get that go straight on the dole had a job we would be good, I just dont see the point of importing people to go on the dole for the rest of there lives
    panos
    2nd Dec 2019
    9:57am
    If only all the imports we get that go straight on the dole had a job we would be good, I just dont see the point of importing people to go on the dole for the rest of there lives
    panos
    2nd Dec 2019
    9:57am
    If only all the imports we get that go straight on the dole had a job we would be good, I just dont see the point of importing people to go on the dole for the rest of there lives
    DaddyKool
    2nd Dec 2019
    1:34pm
    What has imports got to do with this subject?
    Irrelevant ignorance.


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