Retirees call for tax and income reform in wake of COVID-19

Every retiree would get at least a part pension under a plan being considered by seniors' groups amid concerns the coronavirus pandemic's effect on key income streams is leaving many older Australians cash poor and increasing the number living in poverty.

The federal government is reviewing the retirement income system although its reporting date has been pushed back to July 24 due to the pandemic's impact on agencies. National Seniors Australia spokesman Ian Henschke said the crisis had highlighted key shortcomings in a retirement income system he said was clumsy and complex.

"It would get rid of the pension assets and income tests, doing away with the need for unfair taper rates, deeming rates and work restrictions, and end the need to engage with Centrelink," he said. He said there was scope to adopt a model used in Denmark where all retirees were paid a part pension that maintained some elements of means testing but also guaranteed income for all.

swrighteconomy You mean: universal pension also for people who don't need it.

swrighteconomy Seems like the obvious thing to do here is sell some shares to help fund their cost of living.

swrighteconomy cue the politics of envy responses

swrighteconomy Everyone except giant companies need help. At some point we must figure out these are systemic issues. Some people will always need to be exploited so BHPs of the world can thrive

swrighteconomy I wouldn't trust Morrison with anything to do with financial matters, he is a total screw-up and liar. He lost one job over 'inconsistencies', now we have him as PM. Get rid of those franking credits, I have never been offered those, must be just for rich pensioners, shameful.

swrighteconomy 'It would get rid of the pension assets and income tests... So, Universal Basic Income, but only for the retired. Would also mean we can get rid of all the tax concession given to super, as super is no longer needed.

swrighteconomy The TimWilsonMP tax bludgers have now found that dividends are not their friend after all. Oh dear

swrighteconomy Robots and AI will replace millions of low paid jobs in the next decade. That’s why millionaires everywhere are pushing the idea of a universal income for all citizens. It will stop the hordes of unemployed & hungry people climbing over the walls of their gated communities.

swrighteconomy Considering we shut down the entire country so they didn’t all drop dead, I’m ok with Boomers loosing a little income as well.

swrighteconomy Get rid of franking credits first... I'll wait...

swrighteconomy We worked to become self funded retirees. We have no intension to be beholden to any government for handouts. Better save the money for free education for all.

swrighteconomy Were they fighting for an increase to Newstart before this? Yeah,nah.

bencubby swrighteconomy Australians under 30 - the ones now being forced to draw down their super because this government consistently overlooks them - won’t know what a pension is. More selfish boomers who think they’re entitled to our tax dollars.

swrighteconomy “He said many retirees had suffered a sharp fall in their income yet the value of their assets had barely changed”. What, so they’re saying they’d be happier if their asset value had fallen too?

swrighteconomy Another thing NZ does well... my NZ cousins are incredulous it is not something Aussies can expect.

swrighteconomy

swrighteconomy And let's get rid of franking credits which distort the whole system.

swrighteconomy they seem to think that gov is a bottomless money pit They want a nanny state where gov pays everything from univ pension to mental health NDIS etc etc Where is the money coming from? They just want d money without worrying abt investment

swrighteconomy Got that:

swrighteconomy Thanks Karen.

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