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

compressed-Australian Dollars (2).jpeg
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.
 

Seniors Discount Club

Sponsored content

Info
Loading data . . .
it reads almost like a game of monopoly! - except it isn"t the cost is human suffering/life.
Like the "sluburbs" in Australia.

Chingvale, Bok Hill, Hongsville, Fortune Cookie Valley, Mumbaiville....

Translates to Springvale. Box Hill, Hurstville, Fortitude Valley, Marrickville for the dopehats who have Mandarin or Hindi as their first language.
 
  • Like
Reactions: 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?
It's disgusting, Parliament appears to be more and more a circus with a debatable arena within, the problem is the clowns are falling over each other, with no real work or thinking getting done to the detriment of it's country and peoples.
 
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!!
Go back to the United States of Unconsciousness, you Trump arse licker.

You might be a stand in for Stormy Daniels.
 
Exactly. My mother looked after me until I went to kindergarten. There was no child care support and no daycare centers in those days.
And when I was 6 I was given a key to the back door and expected to get home and look after myself until my parents got home.
There should be ZERO child support from the taxpayers.
there were 5 of us within 9 years. Mum stayed home!
 
As you said there are over $2.5 m. Pensioners and we are all finding it tough. Very few of these pensioner voters pay any income tax. So Albo's tax relief does NOT help at all. I haven't paid income tax for 15 Years. We need a realistic increase in pensions.
I would love to see how any of these politicians would go living off the table scraps they call the "Pension". I think all politicians need to live off the pension for a month or more and make them realize what retirement and living on a pension really means.
 
  • Like
Reactions: Gabriella Pettit
There is nothing in this so called Budget for all Australians that will be of benefit to me. This budget is only to look after Albo the liar's job as he hopes it will get him re-elected in a few weeks time. Anyone who believes the utter bullshit that spews from his mouth needs serious mental health intervention. His Treasurer is no better. They won't ever get my vote again.
I hope Albo-liers gets voted out he has damaged Australia badly he's no leader I see him as a union boss and they only care about them selves and the unions.
 
In fact the Labour Party has made lots of financial promises in the lead up to this election.
You wouldn`t be blamed for thinkiung that the Labour Government created a war chest of funds to spend on a lot of pre-election promises. Whilst (as acknowled by all sectors of the community) every day Australians were struggling to make ends meet.
As far as the Labour Governments so called relief with the tough economic times, they Subsidised, not reduced the price of electricty. In fact the $5 per week that they subsidised electricity bills by, didn`t even cover the rises in the price of electricity. Oh, thats right, the Labour Government promised at the last election, that the cost of electricty would come down, inder a Labour Federal Government. Blah, Blah!
Now they have stated that they introduce will introduce a another tax cut in 12 months time, This further "buying of votes" will equate to a measly $0.70 per day. All the Labour Goverments financial relief packages equate to a measly $1.40 per day!! One big "smoke screen"!!
Seniors such as myself, deserve to be treated much fairer than the way this Labour Goverment has treated us! How many Salary increases have members of the Labour Government received during the last 3 years?
 
I would love to see how any of these politicians would go living off the table scraps they call the "Pension". I think all politicians need to live off the pension for a month or more and make them realize what retirement and living on a pension really means.
Great idea - they would never do it - even for a fortnight - even if some did they would know it is just a temporary state for them and then out of sight, out of Mind!
 
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 agree with you. I will be 90 in August and I was forced to retire at age 67 as I had breast cancer and had to have treatment every day. The savings I had then are very much diminished due to the pension I receive from working in Australia. I have an English pension which stays the same because I live in a commonwealth country and which I paid into as well as paying tax when working in England. The Australian Government sees fit to take out the same amount from my Australian pension which means I get just the same as if I didn't get the English pension at all.
When will the powers that be realise that their estimate of cost of living for the pensioner is far more than the rises they give us.
 
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.
This Government is living in Larlarland...in regards to Rent Assistance I receive $0.52 a F/N it's going to cover 5mins of my rent...they increased mine from $600 p/w to $700 p/w....I have about $52 p/f left to buy the luxury of fuel to get me around. ...I'm lucky my wife has small Part time jub to be able to buy food. Would love to be able to use $11800.00 in Work Bonus if I was able to work can't due to Medical Problems my Total Pension increasewas a whole $6.40.....Rant Over.
 
Last edited:
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 often wonder what IS the difference between a politicians pension and a retired person pension......and considering the politician can access immediately ,
and the aged have to comply to access rules, when I go to the pension department I get the feeling its a handout or charity and maybe should wear rags and look like a bum....is a pension actually WELFARE ???
 
My wife stayed home to raise our children too nobody seems to do that any more
Not sad that my wife stayed home she was a qualified teacher she asked me if I minded her being a full time MUM so she could be with our kids all the time as they grew up I said if that's what you want to do then i'm ok with it she was worried weather we could buy a house. We did buy a house 5 years later I extended the house 2 bedrooms a bathroom and a computer room 8 years later we built a 42 square home only sold that in 2020 we now live on a 7.3 acre hobby farm with 2 homes on it my wife always wanted a farm all that done on my wage only
 
Please, can someone please explain to me why we are paying to build new bases for the US military in our country? If the US wants to have bases here then they should lease (not buy) the land they want & cover the cost of building & all other services they require. This is NOT MY responsibility.
ITS CALLED BROWN NOSING
 
its nice to see everyone getting tax cuts
its nice too see low income earners get a pay rise as well as tax cuts
ITS nice to see them get an increae ofsbout $100 PER FORTNIGHT to help with the cost of living
Its nice to see politicians receive a $20.000 dollar increase in wages and tax cuts
Its nice to see that even though the politicians are overpaid they get the electricity rebate because they need the money
I MIGHT ADD THE ELECTRICITY REBATE IS MORE THAN THE PENSION INCREASE OF %.04 AND THE REBATE IS ONLY IF LABOUR GET IN AND IT IS HALF OF WHAT EVERY ONE GOT LAST YEAR
IF THE GOVT WAS MY PARENT AND THE WAY THEY TREAT THE ELDERLY THEY WOULD BE DONE FOR NEGLIGENCE AND IGNORANCE AND SHOULD BE MADE ACCOUNTABLE
DUTTON IS NO BETTER ESPECIALLY AS HEALTH MINISTER HE WAS HOPELESS AND I HAVE [PROOF HE COULD NOT DO HOS JOB IN WRITING AND HE WILL NOT BE ABLE TO SERVE AUSTRALIANS IN A GOOD WAY
FIND SOMEONE TO VOTE FOR OTHER THAN ALBO AND DUTTON
SEE IF ANY WILL SUPPORT PENSIONERS RIGHT S
DOES ANYONE KNOW OF SUCH A PARTY
 

Join the conversation

News, deals, games, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.

Seniors Discount Club

The SDC searches for the best deals, discounts, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.
  1. New members
  2. Jokes & fun
  3. Photography
  4. Nostalgia / Yesterday's Australia
  5. Food and Lifestyle
  6. Money Saving Hacks
  7. Offtopic / Everything else
  • We believe that retirement should be a time to relax and enjoy life, not worry about money. That's why we're here to help our members make the most of their retirement years. If you're over 60 and looking for ways to save money, connect with others, and have a laugh, we’d love to have you aboard.
  • Advertise with us

User Menu

Enjoyed Reading our Story?

  • Share this forum to your loved ones.
Change Weather Postcode×
Change Petrol Postcode×