Any significant decline in home ownership or equity in a home impacts higher care needs: older people will not have an asset to sell to fund the bonds required to enter aged care accommodation.
For the increasing proportion of people living in private rental accommodation who can expect to be dependent on the age pension, the prospects of financial and housing insecurity are grim.
Changes to the aged pension will leave some pensioners better off, but many other seniors will lose out as a result.
Glenn Hunt/AAP
Super is the wrong tool to provide an adequate support in retirement for low-income earners. Our research shows top-up measures to help this group are poorly targeted and too expensive.
Senator Jacqui Lambie told Q&A that a third of Australian age pensioners are living below the poverty line and that it’s estimated to rise to two-thirds within five years. Is that right?
Christian Porter is championing a new approach to the way welfare is distributed in Australia.
AAP/Lukas Coch
The Coalition has reached a compromise to get its superannuation reform past its own party, but the changes will make it harder for women and older workers.
Older Australians choosing to downsize or access their home equity face tax penalties.
Image sourced from shutterstock.com
Having made a commitment to reduce spending, the federal government will have its work cut out with this year’s budget, which may require revisiting policy ideas that have caused it pain in the past.
At its peak in 1996, nearly 25% of Australia’s working-age population was receiving basic income support benefits.
AAP/Dan Peled
What aspects of the government’s reforms succeeded in assisting people into employment? And did the reforms improve the population’s economic well-being? Or have they left some groups worse off?
The Age Pension eligibility age is headed for 70 in Australia.
Alan Porritt/AAP
Matthew Gray, Australian National University and Rob Bray, Australian National University
Just 24% of those living in the poorest quarter of households support an increase in the Age Pension age.
By targeting pensioners with savings with its latest budget measures, the government is incentivising them to spend, and spend big.
Travel Cruise Fit/AAP
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.
As expected, part-pensioners will be most affected by budget changes.
AAP Image/Melanie Foster
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.
Devoting time to looking after others can result in significant hidden costs to the carer.
Shutterstock/Goodluz
If the 5.5 million unpaid carers didn’t look after others – at the expense of careers and incomes – taxpayers would bear the costs, so as a community we should give carers a fairer deal in retirement.
The way pensions are indexed can have a significant impact on the end payment.
Alan Porritt/AAP
The policy solution to the ageing population laid out in the Intergenerational Report benefits the better-off in the future over the less well-off today.