18th Apr 2016
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Budget wishlist 2016/2017 – What older Australians want (summary)
Author: Kaye Fallick

Age
72 per cent of the 3946 respondents were aged 50–70, matching the ABS definition of baby boomers as men and women born between 1946 and 1964. 

Gender
53 per cent of respondents were male and 47 per cent female.

Q.1 to Q.3 Personal info

Possible retirement income change

Important – Very Important

Not very important – not important

Neutral

Q.4

Rules on Transition to Retirement (TTR) pensions being tightened to require proof of reduced working hours.

52 per cent

21 per cent

 27 per cent (moderately important)

Q.5

Changing the current concessional rates of tax on superannuation in the accumulation phase

67 per cent

15 per cent

 18 per cent (moderately important)

Q.6

If this rate is changed, how should it be done?

Would like to see

Would not

15 per cent rebate on individual’s marginal tax rate (Deloitte suggestion)

39 per cent

32 per cent

 29 per cent

20 per cent rebate on an individual’s marginal tax rate

(Henry tax review)

46 per cent

29 per cent

 25 per cent

Lowering the upper limit for concessional tax from $300,000 to $250,000

(Labor Party policy)

48 per cent

34 per cent

 18 per cent

Allowing only $11,000 of contributions per year with a lifetime cap of $250,000

(Grattan Institute)

29 per cent

52 per cent

 19 per cent

Q.7

Passing last year Budget legislation to push Age Pension age from 67 (2023) to 70 (2030)

Strongly disagree/disagree

68 per cent

Agree or strongly agree

22 per cent

 10 per cent

Q.8

Should investment earnings from post-retirement assets be taxed?

Strongly disagree/disagree

68 per cent

Agree or strongly agree

31 per cent

 11 per cent

Q.9

If you agree with above question, that such earnings should be taxed, should there be a $75,000 threshold before such taxation starts, at a rate of 15 per cent? (Labor Party policy)

Strongly disagree/disagree

29 per cent

Agree or strongly agree

46 per cent

 25 per cent

Q.10

The family home is currently exempt from the the assets test for an Age Pension. Should properties valued at $2.5 million or higher have at least part of their value included in the assessment?

Strongly disagree/disagree

32 per cent

Agree or strongly agree

60 per cent

 8 per cent

Q.11

(related question to above)

Q.12

Do you feel Australia’s current retirement income system allows/has allowed you to achieve a reasonable retirement income which will provide a dignified life in retirement?

Strongly disagree/disagree

55 per cent

Agree or strongly agree

27 per cent

 18 per cent

Q.13

Should an urgent review of retirement income (Age Pension, superannuation, tax) be instituted before further changes are suggested?

Strongly disagree/disagree

8 per cent

Agree or strongly agree

82 per cent

 10 per cent

Q.14

If you agreed with the need for this review, should it aim for bi-partisan support for any recommended changes

Strongly disagree/disagree

4 per cent

Agree or strongly agree

80 per cent

 16 per cent

Q.15

Do you agree that there should be a moratorium on further changes to retirement income for a pre-determined period (say 5 years) in order to provide more certainty for those planning retirement income

Strongly disagree/disagree

10 per cent

Agree or strongly agree

77 per cent

 13 per cent

Q.16

Do you agree that there should be a government-backed equity release scheme which allows pensioners to access wealth in their family home, with these funds exempt from an assets test (Institute of Actuaries suggestion)

Strongly disagree/disagree

14 per cent

Agree or strongly agree

66 per cent

 20 per cent

Q.17

Related to above question

Q.18

Do you agree that negative gearing laws should be changed to only apply to new buildings (Labor Party policy)?

Strongly disagree/disagree

41 per cent

Agree or strongly agree

41 per cent

 18 per cent

Q.19/Q.20/Q.21

Specific income stream questions

Q.21

In 25 words or fewer, tell us the single most important change to retirement income, including the Age Pension, superannuation or tax, that you wish to see in the Federal Budget 2016/17







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