Introducing... The FiftyUp Club Election Distiller
You need to know what policies may leave you either richer or poorer - be it in sickness or in health.
So until Election day we’ll be collecting the pledges of both sides of politics in the areas we believe have the most direct impact on those aged 50 and above.
Our "Election Distiller" will give you a digest of where the parties stand with links to find out more detail. If they haven't announced a policy yet it will say "[Coming soon]"
The list is not exhaustive, so tell us if we've missed something! Week by week it will grow, and you’ll have the chance to add your comments, incisive and inquiring as ever, into the political mix to inject some light as well as the inevitable heat into our democratic process.
Here's our rundown of what both sides have said so far:
SUPERANNUATION
In the Budget we’ve just seen a substantial shift in policy around superannuation and with the election there’ll be plenty more debate on the issue.
COALITION:
Major shift in policy around super tax breaks and caps in the Budget. Growing arguments about if some of the changes are retrospective and hence unfair and also how the reduction in the concessional cap to $25,000 from $35,000 a year for over 50s hits middle income earners as well.
LABOR:
Shorten used his Budget reply to argue against some of the government’s proposed changes arguing any "retrospective" changes will undermine the confidence in and the stability of the superannuation system.
Background:
https://www.fiftyupclub.com/news/2016/05/06/last-word-on-the-budget--2
NEGATIVE GEARING
A housing affordability crisis in the major cities has put negative gearing in the crosshairs.
COALITION:
Prime Minister Turnbull has taken any changes to negative gearing 'off the table' claiming the ALP policy will cause a crash in home prices
LABOR:
Will restrict negative gearing to new housing only from July 2017 and also reduce the capital gains tax discounts
Background:
http://www.alp.org.au/
HEALTH
Our Budget Poll showed healthcare costs are the #1 issue for FiftyUp Club members in this campaign, so we'll be watching closely to see what answers the major parties propose.
COALITION:
While the government says the affordability of premiums is a key issue, the Budget contained no reforms in the area, except for extra funding os $2.2m for a committee to advise on the issue.
LABOR:
According to a report in Fairfax media the Royal Australian College of General Practitioners is preparing to embark on an "unprecedented" $1 million television, radio, and digital media campaign aimed squarely at pressing the major paries into properly funding Medicare. The campaign, set to begin from May 29, warns Australians that voting for a continuation of the freeze is a vote for higher GP costs. Labor's plan to restore indexation is expected to cost $2.4 billion over the first four years from its intended commencement date of January 1, 2017, making it the biggest spending commitment from either side of politics since the formal election campaign started.
MEDICARE
Our ageing population and the Budget blowout in healthcare costs means Medicare and other expenses such as the PBS are constantly under scrutiny in federal Budgets and Elections.
COALITION:
Will continue the freeze on the Medicare rebate which means GPs in real terms will get paid less for seeing patients. Some says this could make bulk-billing harder to access as co-payments creep in. Health minister Sussan Ley says she’d like to lift the rebate but Treasury and Finance say no. She says GPs only stand to lose 60 cents per consultation. PM Turnbull says the freeze will end when its affordable within the context of the health budget
LABOR:
Says it will restore the inflation-based growth rate to Medicare payments to doctors. Labor's plan to restore indexation is expected to cost $2.4 billion over the first four years from its intended commencement date of January 1, 2017. The party warns continuing the freeze will could increase fees to see a GP by $20 a consultation.
Background:
PHARMACEUTICAL BENEFITS SCHEME
Coalition
Plans to push on with a co-payment on prescription medications of $5 for general patients and 80c for those on concessions. PM Turnbull says the funds raised allow the PBS to cover more new drugs to save lives
Labor
Says it will end plans for any co-payment at a cost of $1 billion over four years claiming the case has not been made for an increase in prescription drugs saying low-income patients would be deterred from getting the medicines they need.
WORK FOR OLDER AUSTRALIANS
Just one day before the Budget the Age and Disability Commissioner Susan Ryan released her long-expected report into workplace discrimination. It found there were serious consequences for both the individual and economy from such barriers facing older and disabled Australians.
COALITION:
No new measures announced yet to address the issues. But the Abbott government launched the Restart program, promising up to $10,000 to businesses that hire older employees who have been out of work.
LABOR:
[Coming soon]
Background:
http://www.abc.net.au/pm/content/2016/s4454365.htm
ELECTRICITY PRICES
Survey after survey shows this is the #1 cost of living issue for Australians, with bills doubling for most households in under a decade. So both parties will be expected to have some answers to soaring power bills.
COALITION:
[Coming soon]
LABOR:
Labor has announced its plans for an emissions trading scheme, branded by opponents as another carbon tax, which will inevitably increase electricity prices. Its goal is a renewable energy target of 50% by 2030 with a specific trading scheme for the electricity sector. It says it will counter prices rises by helping consumers with smart metres and other empowerment and protection measures.
Background:
https://theconversation.com/policycheck-labors-phased-emissions-trading-scheme-58496