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Treasurer has his eye on older Australians

Treasurer has his eye on older Australians

Last updated by Chris Zinn on
Older Australians are wary of the new Federal Treasurer’s talk of tax reform, research by the 130,000-member FiftyUp Club reveals.

Treasurer, Scott Morrison MP, has set himself the task of convincing ordinary Australians that we need tax reform. 

The Treasurer is particularly focused on older Australians and unlocking their capital to increase retirement incomes.

Take part in the poll and tell us if you think retirees have the option to sell the family home and downsize without affecting their pension?

A recent survey of almost 18,000 older Australians provides insight into the very demographic the Treasurer is appealing to. The study of the over 50s has found;

  • almost half (45%) think tax concessions for people with large super balances should be wound back, however 34% disagree with this and another 1 in 5 don’t know;
  • the low interest environment has been a disaster for half of older Australians getting lower interest on their savings;
  • they are not convinced that a change to the GST is necessary (46% do not support any change, while 46% would support an increase in rate/and or broadening of the base).

The FiftyUp Club nation-wide study into cost of living pressures highlights why the budget needs to be carefully balanced with a particular focus on the ageing population.

One of the billion-dollar questions for the government is how Australia is going to support the growing numbers of retirees. The survey found;

  • 2 out of 3 Australians have or will retire on $300,000 or less because superannuation was not compulsory in their day.
  • 75% of older Australians, are, or will be, dependant on the full or part-time pension

“The challenge for government is about getting the balance right between supporting the older Australians and ensuring retirement incomes policies are sustainable,” FiftyUp Club spokesperson Christopher Zinn said.

It’s important politicians start to understand the pressure older Australians face. The study found 85% said these issues were either important or very important to their vote at the next election, and that could be any time soon.

We'd love to read your comments about how you feel about proposed changes.

Originally posted on .

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Treasurer has his eye on older Australians

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Jenny
Jenny from NSW commented:

Why is it always the older citizens that are targeted? Are we easy targets because we won't complain? How come the Govt can afford to bring in refugees at an exorbitant cost to Australia (both now and for the future because most don't work) but can't look after their older citizens or veterans that have contributed financially to this society. Where are their priorities? The Govt and Reserve bank look after the interest rates for younger people buying homes but not for older people depending on their money to last. Again we do no not count. Make us sell our homes we have lived in and brought our children up in and the talk about death duties on our homes when we die. I think older people just don't matter to them. We seem to be part of the past and of no consequence. 

Pamela
Pamela from NSW commented:

The government should practise what they preach & leave the pensioners alone we paid tax so we should not loose our pension because we saved all our lives 

France
France from VIC commented:

the main problem is , we are not united, that's why politicians can do whatever they want to oldies. 

Imagrumpy
Imagrumpy from QLD commented:

Nobody will be picked on more than older Australians. Don't think voting Lib, Lab, Nat or Green will make any difference. We need a more effective lobby group to punish politicians who do not take us seriously. 

Marilyn
Marilyn from QLD commented:

I feel that older Australians have done their bit for the country - paid for previous generations of older Australians' pensions and paid tax - higher rates than today usually. As most people are saying, we are being penalised for taking the advice we were given to provide for our retirements and top up with a bit of pension. It is not fair to take pension off people who are already receiving it. A lot of older people will be much worse off after 1/1/17. Politicians need to look at their own expenditures and incomes and we'd save quite a bit of money then. 

Lyn
Lyn from NSW replied to Marilyn:

Well said. Couldn't agree more with you Marilyn, especially for women. We took the advice and now being hammered against that advice available to us at the time so more fool us, no matter what a contributor from Canberra has said previously on this site, there is no doubt that existing retirees who are part - pensioned by Centrelink have been hoodwinked. Our past taxes paid for over 45yrs were thought to insure us for a basic living income made up from our own savings & by a part pension and I don't care what anyone thinks or comments on this site---- a part-pension is not welfare or a benefit with a capital B. Anyone who comments that a senior's part or full pension is welfare, has earned plenty in their working life to not know the difference and they were lucky to earn so much or have adequate super contributions so that they are totally self-funding and I applaud their good fortune. Anyone who has worked for the Austr Govt as an ordinary employee has had the benefit of a great super scheme that the rest of us were denied until 1991. 

Someone
Someone from NSW commented:

they can't think better where they can have a budget by not pickin on pensioners. Liberals has no better budget always from the low income people. they should cut there pay they will look good for the voters 

carolyn
carolyn from VIC commented:

I would like to see any politicians especially the higher paid ones live on the pension for at least 12 months and see how they manage.! Also why cant they drive their own car to work like the rest of us, as we are paying for the car and the petrol thats in the car. 

Someone
Someone from NSW commented:

Hands off older Australians. Go after the politicians and their self entitlements. The new treasurer had better do the best for older Australians or I can see them losing the next election. 

Someone
Someone from VIC commented:

The current Treasurer is treating older Australians like he treated the Refugees. Divide and conquer with no concern for the lives of older people. Mr Morrison intentions are evident and you will never find a Bible insight. Robert 

Ross
Ross from WA commented:

Why shouldn't all Australians who have paid tax all their working lives be entitled to The pension? 

Lyn
Lyn from NSW replied to Ross:

Perhaps not 'The Pension' but at least a small share of something. 

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