Government update

Font Size:

Retirement income review
The government’s retirement income review will deliver its final report in June 2020.

Treasurer Josh Frydenberg announced the review in September 2019 after it was recommended by the Productivity Commission in its report, Superannuation: Assessing Efficiency and Competitiveness. It comes 27 years after the establishment of compulsory superannuation.

The review is considering the state of the retirement income system and how it will perform as Australians live longer and the population ages; the incentives for people to self-fund their retirement; the sustainability of the system; the role of the three pillars of the retirement income system, and the level of support provided to different cohorts.

YourLifeChoices has surveyed its members on the good and the bad of the retirement income system and will submit a paper in early 2020.

Aged care inquiry
The Royal Commission into Aged Care Quality and Safety continues in 2020 after handing down an interim report titled Neglect in November 2019.

That report found the nation’s aged care system to be a national failure and a “shocking tale of neglect”. It urged immediate action on the use of chemical restraints and additional Home Care Packages for the thousands on waiting lists. The government quickly pledged $496.3 million for an additional 10,000 Home Care Packages.

The final report will be handed to the Governor-General in November 2020.

Anyone with concerns about the quality and safety of aged care can contact the Aged Care Complaints Commissioner on 1800 550 552 or lodge a complaint online.

Age Pension
The Age Pension is indexed twice yearly, with payment rates due to change on 20 March 2020. Current payments for the pension, supplements and rental assistance are as follows:

  • The Pension Supplement is a fortnightly income support payment to help eligible recipients meet the costs of daily household and living expenses. 
  • Rent assistance is paid to those who rent privately and receive an income support payment. Those who rent from a housing authority are not eligible. 

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

Cash-Strapped Tribes, did you know this?

Older Australians who rent their home should know these strategies, says Centrelink expert Glenn

Can I claim an Age Pension from overseas?

Can Bill claim an Age Pension from his Asian home?

What happens to your pension when you move into aged care?

George's mum is moving into aged care and he wants to know what happens to her pension.

Written by Janelle Ward

4 Comments

Total Comments: 4
  1. 0
    0

    I have to laugh at the statement above – “The Pension Supplement is a fortnightly income support payment to help eligible recipients meet the costs of daily household and living expenses”. And the rise is TEN CENTS a fortnight!! $2.60 a year!! Thank heavens I don’t drink coffee, because that wouldn’t ever buy me that cuppa.

  2. 0
    0

    Had a look at the table above – no wonder some mates are laughing. Woman is older and is on the age pension, he was on New Start and now they are on single age pensions on different weeks. So they have $850 a week available, that’s one way to stay abreast of living cost increases. They have used an Admin Tribunal decision to get there. So if you need more money try that route maybe.

  3. 0
    0

    Government jobs are very convenient. Firstly, they do not put a lot of pressure on their employers. And the second thing about my assignment help australia is that their employers get a lot of facilities during the job and after the job. They provide them with the retirement allowances as well.


FACEBOOK COMMENTS



SPONSORED LINKS

continue reading

Diseases

Types of polyps and what to do about them

Polyps are clumps of cells that grow inside your body. While most polyps aren't dangerous, some can develop into cancer....

Finance

How SMSFs invested in 2020 - and what this means for 2021

The size of the self managed super fund (SMSF) market now represents one-quarter of the Australian superannuation industry and sits...

Technology News

Would you let AI choose your partner?

David Tuffley, Griffith University It could be argued that artificial intelligence (AI) is already the indispensable tool of the 21st...

Food and Recipes

How to spice up hummus

Few things are as universally loved as hummus. A blend of chickpeas, lemon, tahini, garlic, olive oil and cumin, whizzed...

COVID-19

Intensive care during COVID like a 'delirium factory', study finds

An international study of COVID-19 treatments has found patients admitted to intensive care early in the pandemic were treated by...

Fitness

The surprising health and fitness benefits of golf

Recently, many have had to rely on walking or virtual fitness classes to keep going with their favourite sports and...

Finance

Five smart moves for empty nesters

So, the kids have moved out, your home is finally yours again and you have ascended to the rank of...

Lifestyle

Why you turn down the radio when you're trying to park your car?

When you're looking for a destination, you might need to cut down the volume. Shutterstock Simon Lilburn, University of Melbourne...

LOADING MORE ARTICLE...