Morrison says to forget about relying on the age pension

[Banjo]

Treasurer Scott Morrison says to forget about relying on the age pension

Treasurer Scott Morrison has put ordinary Australian workers on notice that they should no longer expect to receive an age pension from the government when they retire.

Meanwhile, the very wealthy have been warned generous superannuation tax breaks are set to be reined in.

In a wide-ranging speech on Friday, Mr Morrison outlined the government's vision for an overhaul of the country's retirement income system designed to ease pressure on future federal budgets: by both reducing expenditure on welfare payments, and limiting the amount of revenue forgone through tax concessions.

The Treasurer said government would act next year to alter the Superannuation Act to clarify that the purpose of the country's compulsory savings system was to enable most Australians to enjoy the "worthy prize" of an "independent retirement".

"Becoming a self-funded retiree, I think, is one of the most important objectives of any Australian … it means you have choices and control over your life and your care," Mr Morrison said.

Currently most people can expect to receive at least a part age pension payment from the government when they retire, with their super savings providing a top-up.

Read more: www.theage.com.au/business/banking-and-finance/treasurer-scott-morrison-says-to-forget-about-relying-on-the-age-pension-20151127-gl9q2i.html#ixzz3sx7y5eys
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[scallywag]

He does know he will get a pension, doesn't he?,,?

[Deleted]

And how does this idiot seem to think people will do this? Morrison is nothing but a raving nutter.

[Deleted]

What we are actually witnessing in Australia is the last remnants of thatcher sycophants. The liberals were infested with DLP sleepers that are no more than extreme right wing conservatives. Australia does seem to lag behind other western nations as it's still dominated by those infatuated with Margaret thatchers extreme model of social reform. Add to that the ideals of tea party nutters and we have exactly that with Morrison.

Again Morrison is shooting from the hip while Turnbull is absent. A few more things like this attack on old age pension will start to see the electorate wake up and the 2pp turn south again. The moment Turnbull suffers from a downturn in the polls in will swoop Abbott and co for a tilt on a comeback. That about then should spell the end of his rotten LNP govt and sweep it and it's nasty members out of office once and for all.

[Banjo]

That's a good point about the DLP... what party would Abbott have been in in the '50s?
Even Menzies Libs would have been too left wing for him.

Labor was never going to allow them any input in policy so the Liberals eventually ended up with them.

[Deleted]

Abbott was a disciple of santamaria. Originally he was to be placed in the ALP but they wouldn't have a bar of the DLP loonyism. (I've invented a new word).

The split of DLP from the ALP in the 60s weakened the ALP and allowed all those years of conservative govt.

By stealth though Abbott and do ended up in the liberal party. A split in the current LNP is quite possible which should consign them to opposition for a long time.

[dave3478]

I agree with all the previous statements. But after what I saw today amongst Pensioner groups on face book we have a battle on our hands.

[dave3478]

So the super will top up your part pension..Hmmm a very open ended statement. With the rules they have I am sure if you have too much money in super your pension will be $50 a week..in other words you will just have enough to survive and pay your bills ..never enough to have a good life. Thats exactly what they have done with superannuation..use it against pensioners instead of for them. Its a poison challis..the vessel with the pessel has the brew that is true. But those Dickheads forgot what the vessel we are supposed to drink from..So they intend to poison us all and call it Cost cutting. I liked that movie with Danny kay. I am sure some will remember it

[mulloway]

I am not eligible for the OAP for another 25 years, who knows what the world is going to be like then. As long as there isn't a major war, I predict things will get better ....

[pjmpjm]

Editorial by Drew Patchell . . .

Opinion: It’s an entitlement, not welfare Mr Morrison. Scott Morrison has once again gone out of his way to call the Age Pension a welfare payment, refusing to acknowledge that the Age Pension is an entitlement earned from a life of hard work and paying taxes. As most of you reading this know first-hand, a life on the Age Pension isn’t glamorous. The labelling of the payment as a welfare handout is not only insulting to those living on it, but shows a real disconnect between Mr Morrison and the original reason behind the introduction of the Age Pension in 1908 as a ‘reward for service’. Mr Morrison is guilty of being ahead of his time in trying to push a transition away from Australian workers retiring directly into an Age Pension. He even conceded in his speech that the current superannuation system isn’t efficient enough to replace or supplement the Age Pension. So why keep toeing the welfare payment line? Why not do something about the inefficiencies of the current superannuation system. For example, why not remove the hold on the current Government has placed on the increase to the rate of employer superannuation guarantee contribution? Why not stop plans to abolish the Low Income Superannuation Contribution? And why not do something about the rort on superannuation taxation currently enjoyed by many of the country’s high earners? It’s time to start calling the Age Pension for what it actually is Mr Morrison, an entitlement.

[Deleted]

Wow the plot thickens
It will never get past the Senate?
Unless they can change without going to the Senate?

I understood a little about the UK System
I can not believe why the Government had not implemented a similar scheme many years ago
Even back in Menzies day
Whereby every worker paid a small amount each week
Then then they received " There pension or what ever it is called in the UK "

It is a right to receive the OAP
Because of the taxed we all paid
These politicians only think about now is how much they can stop having to pay out
This is only a short term fix
It will be devastating to all in the future
If this get changed

[Denis-NFA]

Dec 1, 2015 9:02:44 GMT 7 pjmpjm said:

Editorial by Drew Patchell . . .

Opinion: It’s an entitlement, not welfare Mr Morrison. It’s time to start calling the Age Pension for what it actually is Mr Morrison, an entitlement.

Both pensions, Old Age and Invalid/Disability Support, are part of the Australian Constitution and to get rid of either would require a Constitutional Referendum.

[Banjo]

They can still fiddle around with it though... change the income test.

Look what Gillard/Macklin did to the DSP and Abbott carried on the good work.

[Denis-NFA]

Dec 1, 2015 13:59:27 GMT 7 Banjo said:

They can still fiddle around with it though... change the income test.

Look what Gillard/Macklin did to the DSP and Abbott carried on the good work.

Totally agree Banjo that they can fiddle around the edges. In fact, I would suggest that the future criteria for getting the Old Age Pension will be similar in context to the conditions for gaining DSP.

I don't think that they have much room left to 'jig' the income test apart from making it $ for $.

They can probably do something with the 'indexation' in March and September.

With all the talk about superannuation, GST and the value of homes I think they are more liable to 'jig' the Asset test and stop paying any pensioner that lives in a home in excess of $x.