[April Bradford]

2022-3 Federal Budget Predictions: Pensioners set to win big​

Tonight, we’ll see the new federal budget (and the Albanese government's first) passed down. So what can we expect?

Treasurer Jim Chalmers warned that ‘It won’t be fancy. It won’t be flashy. It will be responsible. It will be solid.’

It was previously expected that support for seniors/aged pension recipients would increase by $55.3 billion for 2022-23, an increase of $1.1 billion in 2022-23 and $11.8 billion over four years.

Instead, Jim Chalmers confirmed during a series of interviews on Sunday that $33 billion will be pledged to aged pension and welfare recipients. Of this $33 billion, only one-third is expected to be passed onto pensioners over a four-year period.

Who is expected to benefit from today’s budget? Image Credit: Shutterstock​

‘We know that people are still doing it tough,’ Dr Chalmers told ABC.

‘One of the pressures on the Budget is making sure we can find room for that indexation so that people who are on pensions and payments get a little bit of help twice a year to try and keep up with the skyrocketing cost of living,’ Chalmers told ABC News.

Now, I’m sure you’re all well aware of the biannual welfare payment review (which is a long-anticipated event). We saw payments boosted in September this year and another increase is not expected until March 2023. September marked the largest pension increase in 12 years which makes sense, given the soaring inflation.

The maximum full Age Pension increased $38.90 per fortnight for a single person, and $29.40 per person per fortnight for a couple. The maximum pension rate is now $1,026.50 per fortnight for singles and $773.80 per person ($1,547.60 per couple) for pensioner couples.

Inflation is forecast to peak at 7.75 per cent by the end of this year and fall to 5.75 per cent by the middle of next year. Interest rates are rising and the Australian Government debt is trending towards $1 trillion. As of October 14, it stood at $892.3 billion.

Despite this, pensioners are set to be one of the most supported groups by the new budget. Christian Baylis from Fortlake Asset Management told Sunrise, ‘Gen Y, Gen Z, the millennial brigade, not a lot of love in this budget for them.’

Before the election, Labor pledged $10 billion to the Housing Australia Future Fund to build 30,000 housing properties in the next five years. Now, the Sydney Morning Herald predicts the budget to include plans for one million affordable houses.

Can we expect any other support from the government? We’re hoping as the budget draws closer we’ll see announcements about increased healthcare funding but only time will tell.

Will you be tuning in? If not (or even if you are), we’ll have all the important details for you bright and early tomorrow. In the meantime, we’d love to hear from you. What do you want to see in this year's budget?

You can also try your hand at balancing the budget with this nifty interactive activity by The Guardian. It's harder than it looks!

 

[Pete .C]

They are putting it all aside to guarantee future C.P.I. increases, we'll see diddly squat!!!

 

[Franko]

In other words, nothing extra for pensioners. Indexation is enshrined in legislation and the biannual increase simply compensates us for the increase in costs that have gone before. Nobody can remember when there was last a REAL increase in pensions. So it still keeps us below the poverty line; just a little less below.

 

[Big M]

March 2021???? Why are you talking about 2021?

 

[Buchan Farmer]

I have worked as a volunteer for last 25 years . Got nothing but the work thing. Every day, 7 days a week I worked but never an increase. Finished the work thing and pension now.
still was working for them but the fuel cost makes it impossible.
am suing them for about 80,000 for my fuel, skills and tools. If they don’t pay I will sue for AU$100,000,000
maybe they wake up and figure that volunteers are most valuable people in your organisation.
it has cost me over AU$100,000 to work there

 

[APapaz]

I have worked as a volunteer for last 25 years . Got nothing but the work thing. Every day, 7 days a week I worked but never an increase. Finished the work thing and pension now.
still was working for them but the fuel cost makes it impossible.
am suing them for about 80,000 for my fuel, skills and tools. If they don’t pay I will sue for AU$100,000,000
maybe they wake up and figure that volunteers are most valuable people in your organisation.
it has cost me over AU$100,000 to work there

But you volunteered??!!!

 

[Ricci]

The Guardian page is not available, the message is it's inactive.
I won't be bothering to watch the Budget, after all it's not as if we could influence it, it's all done and dusted anyway.

 

[Ricci]

I have worked as a volunteer for last 25 years . Got nothing but the work thing. Every day, 7 days a week I worked but never an increase. Finished the work thing and pension now.
still was working for them but the fuel cost makes it impossible.
am suing them for about 80,000 for my fuel, skills and tools. If they don’t pay I will sue for AU$100,000,000
maybe they wake up and figure that volunteers are most valuable people in your organisation.
it has cost me over AU$100,000 to work there

Um, what part of volunteer did you not understand? Did they offer to pay for your fuel or use of your tools before you started with them? I too have volunteered for more years than I care to remember, and yes I was out my fuel money, the reward is knowing you're doing something worthwhile. That I got a morning tea during Volunteer week and a box of chocolates as a thank you at Christmas was reward enough. If you were worried about the fuel situation why did you continue volunteering for so long? You don't say in what industry you were volunteering in but presumably if they could have afforded it they would have had EMPLOYEES and not volunteers, by suing them you are putting them even more behind the eight ball.

 

[April Bradford]

March 2021???? Why are you talking about 2021?

Good spotting! Obviously I needed another coffee today

 

[April Bradford]

The Guardian page is not available, the message is it's inactive.
I won't be bothering to watch the Budget, after all it's not as if we could influence it, it's all done and dusted anyway.

Oh dear, it should work now! Thanks for letting me know

 

[chezna]

I have worked as a volunteer for last 25 years . Got nothing but the work thing. Every day, 7 days a week I worked but never an increase. Finished the work thing and pension now.
still was working for them but the fuel cost makes it impossible.
am suing them for about 80,000 for my fuel, skills and tools. If they don’t pay I will sue for AU$100,000,000
maybe they wake up and figure that volunteers are most valuable people in your organisation.
it has cost me over AU$100,000 to work there

When you volunteer you are doing just that! It’s up to you to fund your expenses including fuel. Clothing etc.. your fuel you may claim on your taxes if you were paying taxes otherwise it’s on you!

 

[TomDevine55]

Um, what part of volunteer did you not understand? Did they offer to pay for your fuel or use of your tools before you started with them? I too have volunteered for more years than I care to remember, and yes I was out my fuel money, the reward is knowing you're doing something worthwhile. That I got a morning tea during Volunteer week and a box of chocolates as a thank you at Christmas was reward enough. If you were worried about the fuel situation why did you continue volunteering for so long? You don't say in what industry you were volunteering in but presumably if they could have afforded it they would have had EMPLOYEES and not volunteers, by suing them you are putting them even more behind the eight ball.

Who would be dumb enough to volunteer with organisations if it going to send you broke. Organisation get money to help people so when you volunteer you should not be out of pocket and organisations should be required by law to pay any costs you incur during your employment with them, because whether they like it or not you are a employee volunteer or not.

 

[Ricci]

Who would be dumb enough to volunteer with organisations if it going to send you broke. Organisation get money to help people so when you volunteer you should not be out of pocket and organisations should be required by law to pay any costs you incur during your employment with them, because whether they like it or not you are a employee volunteer or not.

Nobody said anything about volunteering sending you broke, that would be stupid.
That most organisations that use volunteers are charities the definition of charity is from those who have to those who have not.
By expecting a renumeration or reimbursement from these organisations you are depriving them of the ability to fulfil their services to those in need.
Of course you are not an employee, you do not receive a wage or salary, the organisation does not pay tax or super on your behalf. The only real requirement is that you are covered by adequate insurance.

 

[Rob44]

2022-3 Federal Budget Predictions: Pensioners set to win big​

Tonight, we’ll see the new federal budget (and the Albanese government's first) passed down. So what can we expect?

Treasurer Jim Chalmers warned that ‘It won’t be fancy. It won’t be flashy. It will be responsible. It will be solid.’

It was previously expected that support for seniors/aged pension recipients would increase by $55.3 billion for 2022-23, an increase of $1.1 billion in 2022-23 and $11.8 billion over four years.

Instead, Jim Chalmers confirmed during a series of interviews on Sunday that $33 billion will be pledged to aged pension and welfare recipients. Of this $33 billion, only one-third is expected to be passed onto pensioners over a four-year period.

Who is expected to benefit from today’s budget? Image Credit: Shutterstock​

‘We know that people are still doing it tough,’ Dr Chalmers told ABC.

‘One of the pressures on the Budget is making sure we can find room for that indexation so that people who are on pensions and payments get a little bit of help twice a year to try and keep up with the skyrocketing cost of living,’ Chalmers told ABC News.

Now, I’m sure you’re all well aware of the biannual welfare payment review (which is a long-anticipated event). We saw payments boosted in September this year and another increase is not expected until March 2023. September marked the largest pension increase in 12 years which makes sense, given the soaring inflation.

The maximum full Age Pension increased $38.90 per fortnight for a single person, and $29.40 per person per fortnight for a couple. The maximum pension rate is now $1,026.50 per fortnight for singles and $773.80 per person ($1,547.60 per couple) for pensioner couples.

Inflation is forecast to peak at 7.75 per cent by the end of this year and fall to 5.75 per cent by the middle of next year. Interest rates are rising and the Australian Government debt is trending towards $1 trillion. As of October 14, it stood at $892.3 billion.

Despite this, pensioners are set to be one of the most supported groups by the new budget. Christian Baylis from Fortlake Asset Management told Sunrise, ‘Gen Y, Gen Z, the millennial brigade, not a lot of love in this budget for them.’

Before the election, Labor pledged $10 billion to the Housing Australia Future Fund to build 30,000 housing properties in the next five years. Now, the Sydney Morning Herald predicts the budget to include plans for one million affordable houses.

Can we expect any other support from the government? We’re hoping as the budget draws closer we’ll see announcements about increased healthcare funding but only time will tell.

Will you be tuning in? If not (or even if you are), we’ll have all the important details for you bright and early tomorrow. In the meantime, we’d love to hear from you. What do you want to see in this year's budget?

You can also try your hand at balancing the budget with this nifty interactive activity by The Guardian. It's harder than it looks!

 

[Rob44]

An increase of $29.40. Ah well, that's an extra kilo of steak per per fortnight. Or was it just lean steak mince?

 

[TomDevine55]

Nobody said anything about volunteering sending you broke, that would be stupid.
That most organisations that use volunteers are charities the definition of charity is from those who have to those who have not.
By expecting a renumeration or reimbursement from these organisations you are depriving them of the ability to fulfil their services to those in need.
Of course you are not an employee, you do not receive a wage or salary, the organisation does not pay tax or super on your behalf. The only real requirement is that you are covered by adequate insurance.

Volunteers​

Volunteers perform a range of different activities in the community. This can include:

• undertaking voluntary work for a business as part of a work experience program
• undertaking voluntary work or activity for a not-for-profit association
• voluntarily serving as a director of a company
• voluntarily serving as an officer in an unincorporated association.

For the purposes of the WHS Act, a person is a volunteer if they undertake work for an organisation without being paid a wage or salary.

They may, however, be reimbursed for any out of pocket expenses they incur directly while carrying out the volunteer work. Out of pocket expenses do not include loss of wages or salary while carrying out the volunteer work.

 

[Qwarkus]

2022-3 Federal Budget Predictions: Pensioners set to win big​

Tonight, we’ll see the new federal budget (and the Albanese government's first) passed down. So what can we expect?

Treasurer Jim Chalmers warned that ‘It won’t be fancy. It won’t be flashy. It will be responsible. It will be solid.’

It was previously expected that support for seniors/aged pension recipients would increase by $55.3 billion for 2022-23, an increase of $1.1 billion in 2022-23 and $11.8 billion over four years.

Instead, Jim Chalmers confirmed during a series of interviews on Sunday that $33 billion will be pledged to aged pension and welfare recipients. Of this $33 billion, only one-third is expected to be passed onto pensioners over a four-year period.

Who is expected to benefit from today’s budget? Image Credit: Shutterstock​

‘We know that people are still doing it tough,’ Dr Chalmers told ABC.

‘One of the pressures on the Budget is making sure we can find room for that indexation so that people who are on pensions and payments get a little bit of help twice a year to try and keep up with the skyrocketing cost of living,’ Chalmers told ABC News.

Now, I’m sure you’re all well aware of the biannual welfare payment review (which is a long-anticipated event). We saw payments boosted in September this year and another increase is not expected until March 2023. September marked the largest pension increase in 12 years which makes sense, given the soaring inflation.

The maximum full Age Pension increased $38.90 per fortnight for a single person, and $29.40 per person per fortnight for a couple. The maximum pension rate is now $1,026.50 per fortnight for singles and $773.80 per person ($1,547.60 per couple) for pensioner couples.

Inflation is forecast to peak at 7.75 per cent by the end of this year and fall to 5.75 per cent by the middle of next year. Interest rates are rising and the Australian Government debt is trending towards $1 trillion. As of October 14, it stood at $892.3 billion.

Despite this, pensioners are set to be one of the most supported groups by the new budget. Christian Baylis from Fortlake Asset Management told Sunrise, ‘Gen Y, Gen Z, the millennial brigade, not a lot of love in this budget for them.’

Before the election, Labor pledged $10 billion to the Housing Australia Future Fund to build 30,000 housing properties in the next five years. Now, the Sydney Morning Herald predicts the budget to include plans for one million affordable houses.

Can we expect any other support from the government? We’re hoping as the budget draws closer we’ll see announcements about increased healthcare funding but only time will tell.

Will you be tuning in? If not (or even if you are), we’ll have all the important details for you bright and early tomorrow. In the meantime, we’d love to hear from you. What do you want to see in this year's budget?

You can also try your hand at balancing the budget with this nifty interactive activity by The Guardian. It's harder than it looks!

Cut the BS. Pensioners are NOT winning big in this budget. In fact, we are (as usual) losing ground. The CPI incremental increases do not keep up with inflation. We can no longer do as much with our pensions as we could just 5 years ago. The supermarket trolley holds less every week.

 

[Ricci]

Volunteers​

Volunteers perform a range of different activities in the community. This can include:

• undertaking voluntary work for a business as part of a work experience program
• undertaking voluntary work or activity for a not-for-profit association
• voluntarily serving as a director of a company
• voluntarily serving as an officer in an unincorporated association.

For the purposes of the WHS Act, a person is a volunteer if they undertake work for an organisation without being paid a wage or salary.

They may, however, be reimbursed for any out of pocket expenses they incur directly while carrying out the volunteer work. Out of pocket expenses do not include loss of wages or salary while carrying out the volunteer work.

May, being the operative word. There is no compulsion to reimburse out of pocket expenses, nor should there be. It's one thing to come to an agreement about this stuff before you start with a particular organisation but to go after them after volunteering for so long is just plain wrong.

 

[Pete .C]

Wokes get what they asked for, NOTHING. This is the government you wanted.

 

[Lotty]

2022-3 Federal Budget Predictions: Pensioners set to win big​

Tonight, we’ll see the new federal budget (and the Albanese government's first) passed down. So what can we expect?

Treasurer Jim Chalmers warned that ‘It won’t be fancy. It won’t be flashy. It will be responsible. It will be solid.’

It was previously expected that support for seniors/aged pension recipients would increase by $55.3 billion for 2022-23, an increase of $1.1 billion in 2022-23 and $11.8 billion over four years.

Instead, Jim Chalmers confirmed during a series of interviews on Sunday that $33 billion will be pledged to aged pension and welfare recipients. Of this $33 billion, only one-third is expected to be passed onto pensioners over a four-year period.

Who is expected to benefit from today’s budget? Image Credit: Shutterstock​

‘We know that people are still doing it tough,’ Dr Chalmers told ABC.

‘One of the pressures on the Budget is making sure we can find room for that indexation so that people who are on pensions and payments get a little bit of help twice a year to try and keep up with the skyrocketing cost of living,’ Chalmers told ABC News.

Now, I’m sure you’re all well aware of the biannual welfare payment review (which is a long-anticipated event). We saw payments boosted in September this year and another increase is not expected until March 2023. September marked the largest pension increase in 12 years which makes sense, given the soaring inflation.

The maximum full Age Pension increased $38.90 per fortnight for a single person, and $29.40 per person per fortnight for a couple. The maximum pension rate is now $1,026.50 per fortnight for singles and $773.80 per person ($1,547.60 per couple) for pensioner couples.

Inflation is forecast to peak at 7.75 per cent by the end of this year and fall to 5.75 per cent by the middle of next year. Interest rates are rising and the Australian Government debt is trending towards $1 trillion. As of October 14, it stood at $892.3 billion.

Despite this, pensioners are set to be one of the most supported groups by the new budget. Christian Baylis from Fortlake Asset Management told Sunrise, ‘Gen Y, Gen Z, the millennial brigade, not a lot of love in this budget for them.’

Before the election, Labor pledged $10 billion to the Housing Australia Future Fund to build 30,000 housing properties in the next five years. Now, the Sydney Morning Herald predicts the budget to include plans for one million affordable houses.

Can we expect any other support from the government? We’re hoping as the budget draws closer we’ll see announcements about increased healthcare funding but only time will tell.

Will you be tuning in? If not (or even if you are), we’ll have all the important details for you bright and early tomorrow. In the meantime, we’d love to hear from you. What do you want to see in this year's budget?

You can also try your hand at balancing the budget with this nifty interactive activity by The Guardian. It's harder than it looks!

Morison government changed pension indexation from percentage of average earning to inflation so increase to pension it’s lower