Finance

CPI up for review: ABS

The Australian Bureau of Statistics recently announced a major review of its Consumer Price Index (CPI). The last major review was undertaken in 1997.

The Consumer Price Index is a main economic indicator, measuring the inflation faced by Australian households for goods and services.

Currently it is used by governments to guide economic policy and to adjust pensions and by the private sector in lease agreements and pricing schedules.

Reforming aged care

Australia is well on the path to reforming its struggling aged care system. The blueprint for this reform is a Productivity Commission report handed down in August. The government is expected to respond to the report at the end of 2011. Now, more than ever, is your chance to influence the shape of our future system. Here’s what the Commission has come up with.

Submission to the Inquiry into the role of cheques in an evolving payment systems

National Seniors Australia welcomes the opportunity to provide input into the Australian Payments Clearing Association (APCA)’s inquiry into the role of cheques in an evolving payments system.

With a quarter of a million members Australia wide, National Seniors Australia (NSA) is the largest organisation representing the views of Australians aged 50 and over. NSA operates for the social and economic benefit of its members and represents the interests of older Australians in a broad range of community, business and government forums.

Low Income Earners Government Superannuation Contribution.

Overall, National Seniors welcomes the May 2010 package of superannuation initiatives, which over time should significantly improve Australians’ retirement savings and help enable them to achieve a better standard of living in retirement. The low income earners measure is especially welcome as it remedies a significant inequity in relation to the 3.5 million low income workers who currently receive little or no tax concession on their superannuation savings.

Response to Consultation Paper

National Seniors appreciates the opportunity to comment on the proposals contained in the Consultation Paper Concessional superannuation contributions caps for individuals aged 50 and over.

Access to Share Registers and the Regulation of Unsolicited Off-Market Offers

National Seniors Australia welcomes the review of access to share registers and the regulation of unsolicited off-market offers as a long overdue step towards strengthening investor protections and privacy.

The importance of ensuring adequate protections for investors has been compounded by the global financial crisis, which has forced many retirees to look at ways of topping up their reduced income. Australian superannuation funds have experienced real losses of 27 per cent in 2008 - the second worst investment performance for private pensions out of 30 OECD countries.

Review of Australia’s Future Tax System (Retirement Incomes) Commonwealth Treasury

National Seniors Australia (NSA) believes that Australia’s tax-transfer system can and should play a significant role in addressing the social, economic and demographic challenges of the 21st century, in particular the ageing of the population.

To meet this challenge, we would like to see adjustments to the tax-transfer system that improve people’s capacity for self-sufficiency and guarantee a decent standard of living in retirement.

Sustainable Pension Reform – Submission

Without diminishing the importance of the fiscal impact of pension reform, NSA calls for a coherent and balanced approach to pension reform, recognising that sustainability and adequacy must be pursued jointly.

This submission reflects the views of NSA members as expressed through extensive consultations, including a recent Cost of Living survey, and focuses on:

Ensuring the safety net works;

Financial incentives for working later in life;

Addressing existing inequalities in retirement incomes; and

Improving voluntary pension provision.

QLD Pre-Budget Submission 2009-2010

National Seniors welcomes the opportunity to highlight some of the pertinent issues identified by the Queensland Policy Group and the broader Queensland membership.

The priorities outlined in this submission are considered by National Seniors to be feasible for Government, and are likely to impact positively on the lives of senior Queenslanders.

Featured Article