In a system where the age pension is designed to be needs-based, a strong asset test seems like an appropriate tax on the practice of bequeathing assets like superannuation to the next generation.
Hal Kendig, Australian National University and Andrew Podger, Australian National University
The government has dropped plans to index age pensions to CPI and opted instead to tighten income and assets test. These are welcome changes but more needs to be done.
Part-pensioner couples who own their own home and assets worth more than about A$800,000 are expected to lose their part-pension altogether, under proposals in the federal budget.
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