Treasurer has his eye on older Australians
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.
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.
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