News

NewsTreasurer has his eye on older Australians
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 .

Join the conversation

FiftyUp Club
Treasurer has his eye on older Australians

Share your views with other members. 

Want to leave a comment? or .
Read our moderation policy here.
Claudia
Claudia from VIC commented:

Haaaa government is running out of places to money grab.SHAME ON THEM, but after they have robbed our kittys and P---ed it up against the wall where will they turn to next. Seems they are already scraping the bottom of the barrel. 

Lyn
Lyn from NSW replied to Claudia:

Claudia of Vic. Thank God (are we allowed to say that?) women are starting to speak up on this site as it seems many women are getting concerned about where they will be left after producing children AND working when they could. Mostly it was men who used the wall & the basic pension will be raised on 1/1/17 to support those who never saved for that reason & those who did save will be paying for that. Stay tuned to storm Canberra. 

France
France from VIC commented:

Of course they have their eye on older Australians, they're an easy target. They do not complain, they just take whatever is dished out to them. recently they've lowered the threshold for the eligibility of the pension, there was not much of an outcry. it looks as if we get penalized because we worked hard and saved for our retirement. Come on, grey power, let's show these pollies that we are a force of thousands. we can still fight and make a change, YES, WE CAN. 

Lyn
Lyn from NSW replied to France:

France of Vic. I am not going to take what is dished out to me and have 45yr old politicians impact my life when they have little experience of life, so stay tuned. I love your comment & it's time we stormed Parliament to make them take notice. By the way, we are not thousands, we are of numbers over 3 million which equals 3 million votes. That's a deal-breaker for political parties. We constitute about 1/7 th of total population. How dare they treat us as stupid. 

Michael
Michael from NSW commented:

this treasurer has to be watched very carefully, he has already clearly shown that he hasnt a drop of humanitarian blood in his veins. The bottom line is all that matters to him and he doesnt care who might get trampled on his way to getting the result he is after. Mike from NSW. 

Brian
Brian from NSW commented:

I am a self funded retiree ,I have payed plenty of tax over the years ,why don't every one over 65 get some reward instead of being penalised.DO NOTHING GET PLENTY OF HELP. 

Kevin
Kevin from NSW replied to Brian:

I agree. Today I notice that the Seniors Supplement has ceased. Very sneaky. The last I heard Scott Morrison say was that changes to old age pension entitlement would not effect the Seniors Supplement which would continue to be paid 

Kevin
Kevin from NSW replied to Brian:

I agree. Reinstate the Seniors Supplement. Not much to ask for when you don't get anything else for doing the right thing by funding yourself in retirement. 

helen
helen from NSW commented:

I believe that all taxpayer paid benefits should be cancelled as soon as the receiver leaves Australia and a new request submitted on their return as this tax payer money should only be spent in Australia. Also get rid of payroll tax and look after our country and our peoples future use something you have forgotten COMMON SENSE. 

margaret
margaret from NSW replied to helen:

Few want their children to move overseas however some careers leave little option. To not be able to visit one child and their grandchildren, or be able to help that family when illness or other needs require it does seem unfair. Also, many save for that once in a lifetime trip when retirement allows them the time and money for an overseas trip. Surely these people should not be penalize 

Gertraud
Gertraud from ACT replied to helen:

A bit harsh, don't you think? Let me hurry to say that I don't have a stake in this as I am a wholly self-funded retiree. 

Richard Alan
Richard Alan from NSW commented:

Give me a break, these benefits were given to the people as a bribe to vote for a particular party that made it policy. We didn't strike for it. Sure change the system as long as the politicans pensions are means tested in the same manner. Also stop overseas investment in the property market that way our homes will not be overinflated as currently is happening. 

Imagrumpy
Imagrumpy from QLD commented:

This is Storm Finance revisited & 100% evil. 

Someone
Someone from NSW commented:

In my opinion the problem is not with older Australians receiving age pension but rather with those Ethnic groups (and they are large in numbers) who have properties and income in their Native countries and they don't declare it in Australia. Also the GST does not need reform but rather government should track down the self employed trades people who do not pass on the GST. There are self employed people making a lot of money and also getting age pension. The people on disability pension should be reviewd also. People are declaring themselves legally blind so their assets in Australia and abroad are not taken into account and they receive full pensions! When no one is watching their eye sight is perfect. Also those people who transfer assets to their children so they can claim age pension. IT'S THESE THINGS THAT THE GOVERNMENT MUST PUT A STOP TO. 

jack
jack from NSW commented:

HOW ABOUT A FAIR GO FOR SELF FUNDED RETIREES,I HAVE WORKED TWO JOBS TO PUT MYSELF INTO THE POSITION WHERE AT 85 MY SUPER AND SAVINGS ARE JUST ABOUT GONE,DO YOU THINK I SHOULD BE PENALISED IF I SELL MY HOME SO THAT I CAN DIE IN A COMFORTABLE POSITION 

Monty
Monty from QLD commented:

The following needs attention: 1. Scrap stamp duty on down sizing home for over 50's - a vicious tax levied by the states. 2. Health Insurance should be geared to the income of the 0ver 50's. 

Comment Guidelines