Media Release: Federal budget - Change to fight living costs
National Seniors Australia calls on the Federal Government to address rising living costs in the Federal Budget by indexing the pension more often and letting pensioners work without penalty.
EMBARGOED 12:01AM Wednesday 22 March 2023
National Seniors Australia calls on the Federal Government to address rising living costs in the Federal Budget by indexing the pension more often and letting pensioners work without penalty.
Chief Advocate, Ian Henschke said the budget is an opportunity for government to index the Age Pension more frequently during times of high inflation. With more than 400,000 job vacancies it should also let pensioners and other government payment recipients work more without penalty.
“Older Australians are an integral part of the economy, but with high inflation, uncertain markets and cost of living pressures, government would do well to boost seniors’ confidence,” Mr Henschke said.
“The Age Pension is adjusted twice a year in March and September. Rather than have pensioners wait six months, government should make increases in June and December if inflation is too high.”
National Seniors Australia’s budget submission also calls on the Federal Government to:
· Commit to funding aged care with an independent body deciding the fairest, most efficient way.
· Create a dedicated mature age traineeship scheme to bolster the care workforce.
· Exempt downsizing proceeds from the pension assets test to help people stay out of aged care.
· Increase rent assistance for those facing rising rental costs.
· Issue Clean Energy Bonds so older Australians can safely invest to clean energy transition.
· Increase gifting limits so older people can support younger people with housing and education costs.
Mr Henschke said, “Implementing National Seniors Australia’s policies makes good social and economic sense and is especially important in such difficult and uncertain times.”
"Some of these policies won’t cost government money, and in some cases will make money while improving seniors' lives.
“Our policy to let pensioners work, costed by Deloitte, could make millions for government through increased tax receipts.
“The government can fight rising living costs and improve seniors' lives without hurting the budget bottom line.”
For details about these policies, download the full National Seniors Australia budget submission here.
Ian Henschke is available for comment. Please call 0488 047 380 to arrange an interview.
