Federal Budget 2025-2026: What Seniors Discount Club members need-to know—by Kaye Fallick

Kaye Fallick is a best-selling author and the founder of YourLifeChoices website. She is a passionate advocate for those over 60. Learn more about her work on her website: Staying Connected.

I’m thrilled to have been invited to report on matters financial for all Seniors Discount Club members.


Today I’m covering last night’s Federal Budget (2025-2026), or to be precise, just the items that older Australians need-to-know. The good news is that I’ve slogged through all the petty detail on your behalf and organised what matters most into five categories:
  • Health
  • Wealth
  • Housing
  • Energy
  • Aged care

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The Federal Budget Impacts YOUR money. But how? Image source: Free Pik


Health
The main announcement in health was made a few weeks back – and immediately matched by the Federal Opposition. This relates to an 8.5 Billion expansion of bulk billing and nearly $700 million to reduce the cost of most of the medicines on the Pharmaceutical Benefits Scheme by about $6 per script. Retirees with concession cards have script prices frozen at $7.70 already.

Wealth
Whilst not announced, there is widespread reporting of a further 12-months freeze on the deeming rates, the method with which Centrelink assesses your financial assets for eligibility for an Age Pension. These rates were frozen during the Covid Pandemic and remain at an all-time low for a year longer now. Assuming this is correct, it is a ‘biggie’ as, with rates at 0.25% (lower) and 2.25% (higher), most Age pensioners are ‘deemed’ to earn much less than they actually do on shares, savings and super balances.

Housing
While not aimed specifically at retirees, the expanded ‘Help to Buy’ Scheme could help older Australians who struggle to achieve enough for a deposit for their own home.


Energy
A universal $150 discount will be paid quarterly until end 2025. And the good news is that you don’t have to do anything to get this rebate , your supplier applies this discount to your bill. But it’s worth keeping an eye on your energy statements to ensure that this does happen.

Aged Care
Pay rises for Aged Care workers (as previously determined by the Fair Work Commission) will be delivered, providing more capacity to our under pressure aged care system.

Most of the above measures were selectively released to the general media in the weeks prior to the 25 March Budget announcements. But there was one sneaky surprise that Treasurer Jim Chalmers saved for his big night. This was a modest tax cut for all workers. If you are still working and don’t need the extra dollars, using this money to salary sacrifice more into your super could be a smart idea.

Is this a ‘good’ budget overall?
Given Australia has slipped back into deficit, there was never going to be a major pre-election spending splurge. The reported deeming announcement gives some security to the 2.6 million or so Australians who are receiving the Age Pensions. As noted above, the rates remain well below what retirees can actually earn on their financial investments, so it’s a great ‘free kick’.


What would have been helpful, had the spare funds been available, is an increase in the base rate of the Age Pension – a rate which has not been altered since PM Kevin Rudd increased it during the Global Financial Crisis of 2007. That’s a long way back and it’s fair to argue that, despite twice yearly indexation, the value of the full Age Pension has been severely eroded since that time, particularly for renters.

And then there’s the vexed issue of Commonwealth Rent Assistance which, despite yesterday’s planned increase, remains far too low for those on government benefits to find secure and viable accommodation.

Enough from me, over to you… Which measures in the Budget do you most appreciate? And which would you give the thumbs-down?

Kaye Fallick.PNGAbout the Author: Kaye Fallick is a writer and best selling author. She is also the founder and former publisher of the YourLifeChoices website which she believes gave her a 20-year ‘apprenticeship’ in learning the health, money and lifestage dramas and concerns of Australian baby boomers. She’s an advocate for Australians over the age of 60 and we are delighted to have her on board, writing content for you. If you’d like to know more about Kaye, you can visit her website, Staying Connected.

The views expressed in this publication are those of the author.
 

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Aged Care workers are getting a pay increase. For Aged Care residents I reckon their fees will go up.
People needing "high care" it is already quite a lot more than the Aged Pension. What is going to happen when the resident runs out of money. Not all residents have relatives who can pay the gap + clothing needed.
 
  • Wow
Reactions: Milica
I’m another one who will get no benefit from the budget.
Instead of Albo wasting taxpayers money on crazy crap he could have had a budget that was not in deficit and actually helped regular Aussies. But no they wanted to spend it on this nonsense-
$2 billion to Ukraine (oh it’s been revised down to “over $1.5 billion” now - how nice)
$1.44 billion to Pacific Rim countries
$650 million for a rugby club in PNG
$450 million for a useless referendum
$450 million for two new RAAF jets for Albo
$800 million to cancel the French sub contract
$500 million for the first payment on the new submarine contract
$100 million to the WHO (thanks Penny Wrong)
$18 Billion (yes Billion) to build new bases for the US military in northern Australia
$8 billion for a new submarine base in WA for the US Navy

God and Canberra bureaucrats only know what other stupid things taxpayers money is being wasted on…..
✅
 
This budget is complete rubbish.
The tax cut will come in until 2026 DOES NOT help pensioners and really $5 per week is an insult.
Scripts were $5.60 under liberals and labor has jumped them up to $7.70 and making us buy two months at a time.
Pensions up by $3.10 won't hold my breath on that.
Waiting times for doctors ridiculous.
Food up.
Rents up,
Petrol up
AND INHERITANCE TAX ON THE LINE WITH #LABOR...

Wake up, Liberals may not be 100% better but hey re better!!!!!!!
 
the question is valid
how did the govt come to the conclusion cost of living only increased to %.04 inthe last 6 months
I would like to know one item the price increase was only .04%% Is there one essential food item that rose less than 5%?
 
WOW a whole $1.75 each in our Pensions. What can I spend that on. Promises he makes and doesn't deliver. So am not holding my breath on these latest ones. All he has done for us Pensioners is making it harder for us. Meds at $7.70 yeah that's what they have gone up to since he came into power whoopee de do. So, freezing something that we are already paying for now and I alone have 9 scripts per month. Also punishing us who are paying off a mortgage so, no rental assistance either. Nothing in this for us oldies. Live in the Riverina and would rather have a Medical Centre that I didn't have to wait nearly 2 months to see a Dr.
 
I’m a full time carer. There is also nothing in this budget for me, or the person I care for. We are slowly, but surely drowning in debt due to cost of living. I do not see a future for my son who is on a disability pension.
 
  • Sad
Reactions: DLHM and Milica
What would have been helpful, had the spare funds been available, is an increase in the base rate of the Age Pension – a rate which has not been altered since PM Kevin Rudd increased it during the Global Financial Crisis of 2007. Any funds that were available were passed on as pay raises to the politicians?
 
  • Love
Reactions: Milica
As for Fuel::: for those living in SA the Federal Govt should tell the SA Govt to remove their additional fuel levy
 
I’m another one who will get no benefit from the budget.
Instead of Albo wasting taxpayers money on crazy crap he could have had a budget that was not in deficit and actually helped regular Aussies. But no they wanted to spend it on this nonsense-
$2 billion to Ukraine (oh it’s been revised down to “over $1.5 billion” now - how nice)
$1.44 billion to Pacific Rim countries
$650 million for a rugby club in PNG
$450 million for a useless referendum
$450 million for two new RAAF jets for Albo
$800 million to cancel the French sub contract
$500 million for the first payment on the new submarine contract
$100 million to the WHO (thanks Penny Wrong)
$18 Billion (yes Billion) to build new bases for the US military in northern Australia
$8 billion for a new submarine base in WA for the US Navy

God and Canberra bureaucrats only know what other stupid things taxpayers money is being wasted on…..
Although not as much as you have mentioned above, what about 15K per week for the Pandas in Adelaide!!!
 
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Reactions: GeeT
Mr. Albonese is too busy living in his multimillion-dollar mansion to worry about those on the Pension. Don't forget he allocated over 100 million dollars to improve the access road to his new mansion. I mean really you have to get your priorities right.
You are a joke with your assumptions.

Lies, lies and more lies based on misinformation fed to you by the LIE-BERAL spin doctors.
 
  • Like
Reactions: tlecornu and Macarj
There is not one thing in this Budget that alters or benefits my life. My rent alone has gone up by $60/mth while my pension just went up by $9.20/mth. I get half of the electricity support that I got last year. My doctor already Bulk Bills me. Petrol goes up. Groceries go up. Everything has gone up, but I/we get $9.20!! Where does this Govt. think I can keep covering the cost of living increases? And I fear the Dutton Govt. will be just as bad. We are not welfare recipients. We are pensioners who have paid our way all our lives. But I'm 76 years and single female so have to rely on this pension... and it just gets harder.
I know what you mean. I'm in the same boat as you. The only chage that will happen is well be further hardship.
I think this is what they're trying to do!!!
 
I strongly object to the government propping up child care, if you're a parent who wants to work it's no up to the taxpayer to pay for child care, when I was a kid Dad went to work Mom was home looking after us kids and home.
If the families want 2 incomes the taxpayers should not have to pay for other people's childcare, this should be taken of the table to make the parents responsible for the full-time care of their children.
My wife stayed home to raise our children too nobody seems to do that any more
 
Although not as much as you have mentioned above, what about 15K per week for the Pandas in Adelaide!!!
Yep... he'd rather pay for war than help the people that pay his exorbitant wages. I agree we need to have a better defences, but why are we paying for US bases???
15K pw for Pandas????.... they should be in the forests where they belong and not in a zoo.
 
I’m another one who will get no benefit from the budget.
Instead of Albo wasting taxpayers money on crazy crap he could have had a budget that was not in deficit and actually helped regular Aussies. But no they wanted to spend it on this nonsense-
$2 billion to Ukraine (oh it’s been revised down to “over $1.5 billion” now - how nice)
$1.44 billion to Pacific Rim countries
$650 million for a rugby club in PNG
$450 million for a useless referendum
$450 million for two new RAAF jets for Albo
$800 million to cancel the French sub contract
$500 million for the first payment on the new submarine contract
$100 million to the WHO (thanks Penny Wrong)
$18 Billion (yes Billion) to build new bases for the US military in northern Australia
$8 billion for a new submarine base in WA for the US Navy

God and Canberra bureaucrats only know what other stupid things taxpayers money is being wasted on…..
And pple in our country are dying on the streets, in our country! Age pensioners, Marginalised and Homeless are left to survive as best they can, it's a disgrace with the exorbatant amounts that you have enlightened us to - it reads almost like a game of monopoly! - except it isn"t the cost is human suffering/life. This is what we work ourselves into the ground for, some, so they, the dumber than dumb can use our tax payers monies on the above, instead of using it for Health, Housing, Employment, more for age pensioners & others on c/link payments, so they can pay rent, buy food, pay bills without concerns of feeling financially stressed daily, to create a sustainable long term healthy society for All Australians! The next Generations are already here.
 
Obviously some positives in the budget for us oldies and people struggling financially, but I am bitterly disappointed that the base rate of the aged pension wasn’t increased. The hardship simply continues to get worse.
 
There is not one thing in this Budget that alters or benefits my life. My rent alone has gone up by $60/mth while my pension just went up by $9.20/mth. I get half of the electricity support that I got last year. My doctor already Bulk Bills me. Petrol goes up. Groceries go up. Everything has gone up, but I/we get $9.20!! Where does this Govt. think I can keep covering the cost of living increases? And I fear the Dutton Govt. will be just as bad. We are not welfare recipients. We are pensioners who have paid our way all our lives. But I'm 76 years and single female so have to rely on this pension... and it just gets harder.
I totally agree with you. I too rent and am the aged pension. I received my so-called increase on Friday but instead of the $4.60 I was expecting, I only received $2.70. I am at a loss as to where the remainder has gone as the increase took effect 2 days before I received my payment, so I should have been given the entire amount. It's been years since Rudd increased the base rate for the aged pension. Years when the Coalition held sway in Parliament. So no, things won't be any better under Dutton, should he get in. In fact, I'm thinking they will be a lot worse because of his agreeance with a lot of Trump's actions. He has already stated that he will fire all the public servants Albanese hired during his time in office. We already struggle with wait times to get through to government departments. With even less staff this will all get worse. To add insult to injury, they have just given themselves a huge pay rise.
 
  • Sad
Reactions: Milica
I’m another one who will get no benefit from the budget.
Instead of Albo wasting taxpayers money on crazy crap he could have had a budget that was not in deficit and actually helped regular Aussies. But no they wanted to spend it on this nonsense-
$2 billion to Ukraine (oh it’s been revised down to “over $1.5 billion” now - how nice)
$1.44 billion to Pacific Rim countries
$650 million for a rugby club in PNG
$450 million for a useless referendum
$450 million for two new RAAF jets for Albo
$800 million to cancel the French sub contract
$500 million for the first payment on the new submarine contract
$100 million to the WHO (thanks Penny Wrong)
$18 Billion (yes Billion) to build new bases for the US military in northern Australia
$8 billion for a new submarine base in WA for the US Navy

God and Canberra bureaucrats only know what other stupid things taxpayers money is being wasted on…..
We need our own Trump/Elon Musk team in Australia to audit the corruption and false payments here and spend tax payers money on Australia. it's time to Stop supporting war and sporting teams in other countries.
Giving us 5 weeks of Election campaign is BS, America has 18 months of campaigning, Australia should have a minimum of 6 months, let the crooks earn their high paid political jobs!!
 
For those relying solely on the Age Pension, the increase is a real slap in the face, it doesn't even cover the cost of one takeaway coffee a fortnight let alone the horrendous increases we are all facing at the supermarket check out and rent increases. I wish Mr Albanese would take another look at the Aged Pension amount and try to live on it himself then he'd see how hard many are doing it.
Albo reminds us that he grew up in a single parent family, and living in Dept of housing state housing, if that doesn't still resonate with him in the fact that pple, especially if also paying private rents, are truly struggling, then he needs to Reflect & Wakeup!
 

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