June 30, 2017
Residents of Wills have suffered another blow following the Turnbull Liberal Government’s plan to raise Australia’s pension age to the oldest in the world. The proposal will require anyone born from 1 January 1966 to work until the age of 70.
Peter Khalil, the Federal Member for Wills, has received a large volume of correspondence from constituents who are concerned about the Government’s proposal.
“Nobody who has worked as a builder, nurse or any other labour intensive job could expect that working to the age of 70 is realistic,” said Mr Khalil.
“Workers in their 50s who may have already started planning for their retirement are having the goalposts shifted on them as part of the austerity measures undertaken by this Government.”
The change to the pension age follows changes to the assets test which occurred in January, enabled by a deal between the Abbott-Turnbull Government and the Greens.
The changes to the pension assets test resulted in reduced pensions for 1,370 residents in Wills, and the loss of a pension entirely for a further 470 individuals, according to data supplied to the Federal Member for Wills.
“As property values skyrocket in Wills, many pensioners have found themselves with assets that are now very valuable on paper but extremely difficult to liquidate. Despite the theoretical increase in wealth, their standard of living has not changed and the cuts to pensions have made it harder to put food on the table and keep the heat on this winter,” said Mr Khalil.
“Labor opposed the asset test changes because we believe it created a disincentive to save. We want to make sure the pension is as effective as possible; that it interacts effectively with the superannuation system and incentivises saving as much as possible.”
“It was Labor that blocked the Abbott-Turnbull Government’s cuts to pension indexation in the 2014 Budget – cuts that would have seen the pension cut by $80 a week over ten years.”
“The Liberals track record on the pension speaks for itself. They can’t be trusted to look after pensioners.”