Older Australians Plea for RBA to end constant rate cuts

Whilst the number of retirees increases, yet the Government continues to provide more assistance to the younger generation in all different forms. Although we have paid taxes all our working life, we are continuing to lose the value of our savings with no compensating value from elsewhere. How are we suppose to "enjoy" our retirement? 

Exactly right. Governments, over many years now, have been encouraging people to save so as not to be a burden on the country and a lot like myself have. Many years ago, when the cost of living was a lot cheaper, the interest received on savings of $300,000 to $500,000 would have been sufficient to meet living costs and have a reasonable amount left over for other indulgences. But over the years, with the rising cost of living and the gradual lowering of interest rates, the income received from the interest on $850,000 to a million dollars does not leave very much left over after all necessary expences have been met. So for politicians to suggest that retirees with that amount of money in the bank, receiving an income from the interest, are "well off", is a joke. 

With so many retirees and over 50's in the community, the lower interest rates they are receiving on their savings is greatly affecting the overall economy. If this group of people does not have sufficient earning on their savings, they cannot spend money on items that assist in propping up our local shopkeepers. This group of Australians would also be amongst the largest percentage of overseas and local travellers, but without that additional income their travel plans are greatly affected. Surely the economists of this country can see that retirees and over 50's contribute to the economy when they can afford to, and to restrict that ability is only putting further burden on our country's financial status. Less interest cuts on mortgages will also see housing prices stabilise, and if passed on in interest on investments, also give us the opportunity to spend a little money and keep things on an even keel. 

We were self funded for a few years, then we were given a part pension. Since then the interest rates have fallen dramatically so that now we are not keeping up with expenditure, consequently eating into our capital. It's hard to see your savings being eaten away when you know you can't replace them. Costs are going up all the time, we have to pay the rates that people are paid now, i.e. trades. I wouldn't mind that if our investments earned enough to keep pace with the cost of living. 

as a self funded retiree I rely on my savings and with the interest rates so low it is a real problem. The Govt, should appreciate us as we are not dependant on them because we did not spend all our money but put some aside! 

I so agree with Barbara 

If self funded retirees have to spend their capital to live, due to low interest rates; they will have to rely on the pension instead! How is that going to improve things for the government? Just another example of short sighted policy by people who know they won't have to take responsibility for their decisions. 

Yes defo leave us alone.