Not fair: welfare for the rich

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    Not fair: welfare for the rich

    MULTI-millionaire retirees are receiving federal government handouts worth about $500 million a year, sparking calls for an overhaul of Australia’s publicly funded retirement system.
    The Australian can also reveal that about 260,000 Australian households have a net worth of more than $3m yet are enjoying welfare payments of about $800m a year, despite years of attempts to slow the growth of social security spending.

    John Daley, head of the Grattan Institute, said the Age Pension was becoming a taxpayer-funded inheritance subsidy scheme.

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