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Age 70 for pensions looming along with big cuts

  1. eagle888

    35,756 Posts.
    2
    Seems the miserly approx $1.50 a week changes to pension arrangements aimed at offsetting lower deeming rates is nothing(wont even buy a cup of coffee a week) compared to looming future cuts to Age Pensions. This in todays news:

    ..."Bigger pension changes still loom
    Mr Morrison said the Government remained committed to more major structural changes that he said would make the pension sustainable over the long term.
    "Those discussions are ongoing," he said, referring to the Government's plan to eventually raise the pension eligibility age to 70, and change the way increases are calculated.
    The Government wants to link regular pension increases to the consumer price index, instead of average weekly earnings.
    That measure is projected to save the budget $449 million over the forward estimates.
    It is a move that a seniors group, the Council on the Ageing, fears could cost pensioners up to $80 per week in a decade's time. along with cuts"....

    http://www.abc.net.au/news/2015-02-...nterest-rate-hit-to-investment-income/6115430

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