Retiring comfortably is on the minds of nearly everyone planning for the future. But how much money you need each year to do so, or what money you’ll have access to, can depend heavily on the country you’re in.

With that in mind, it looks like the age pension is going to become a less significant portion of Australia's Gross Domestic Product (GDP) in the coming decades, according to a new report.

The report, titled the 2023 Intergenerational Report, has stated that spending on the aged pension will drop from 2.3 to two per cent of GDP by the time the country reaches the 2060s.

Aged pension spending will drop in 2060. Credit: Pixabay/Pexels

This is despite projections that the number of people aged over 65 will double to nine million, and those aged over 85 will triple.

But why is that the case when the number of pensioners is increasing?

Well, the reason is that the rising superannuation savings pool is set to increase to 220 per cent of GDP by 2060, with the number of age pensioners expected to fall by 15 per cent.

There is approximately $3.5 trillion in the super assets pooled held by around 17 million Australians As the super pool continues to rise, fewer Australian seniors will be eligible for age pension payments.

By this projection, the country is set to have the lowest proportion of public spending on pensions among the Organisation for Economic Cooperation and Development (OECD) nations by 2035.

Treasurer Jim Chalmers described the superannuation system as 'intergenerational genius': ‘Super is delivering on its promise–providing a better retirement for more Australians and a better outcome for the budget over the next 40 years,' he said.

As Assistant Treasurer Stephen Jones said, 'More people are going to expect more. Superannuation is ensuring that those increased expectations and the increased notions about what it is to live a dignified retirement is going to be met.'

You can watch an ABC News In-depth report about this topic here:

​

In related news, the Aged Community Care Providers (ACCPA) has proposed changes to the superannuation savings, which they said should be set aside to help improve standards in aged care and address the sector’s funding shortages.

Members have expressed their opinion about this proposal, with Member @JG48 saying: ‘So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the people's money they stole? Young people now have to pay for the pre Superannuation retirement, but only because the retirement savings have already been taken by Labor. It's not paying for, it's paying back....’

Member @Roscobro commented: ‘Leave our superannuation alone.’

‘The problem is, no one is asking where is the money going that people currently are paying. ? Because it’s not going on their care. Where is it going? No accountability.’ Member @Januvia1952 pointed out.

Key Takeaways

• Spending on the aged pension in Australia is expected to decline, despite a doubled ageing population, due to increased superannuation savings.
  
• By the 2060s, the number of people aged 65 and over is expected to double to nine million, while those aged over 85 will triple.
  
• The number of people on the aged pension is projected to decrease by 15 per cent as super balances rise to almost 220 per cent of GDP, leading to Australia having the lowest proportion of public spending on pensions among OECD nations by 2035.
  
• The Treasurer, Jim Chalmers, applauds the superannuation system for providing a better retirement for more Australians and a better budget outcome over the next 40 years.
  

What do you think of the 2023 Intergenerational Report, members? Share your thoughts in the comments below!

 

[julieaireys]

Retiring comfortably is on the minds of nearly everyone planning for the future. But how much money you need each year to do so, or what money you’ll have access to, can depend heavily on the country you’re in.

With that in mind, it looks like the age pension is going to become a less significant portion of Australia's Gross Domestic Product (GDP) in the coming decades, according to a new report.

The report, titled the 2023 Intergenerational Report, has stated that spending on the aged pension will drop from 2.3 to two per cent of GDP by the time the country reaches the 2060s.

View attachment 28261

Aged pension spending will drop in 2060. Credit: Pixabay/Pexels

This is despite projections that the number of people aged over 65 will double to nine million, and those aged over 85 will triple.

But why is that the case when the number of pensioners is increasing?

Well, the reason is that the rising superannuation savings pool is set to increase to 220 per cent of GDP by 2060, with the number of age pensioners expected to fall by 15 per cent.

There is approximately $3.5 trillion in the super assets pooled held by around 17 million Australians As the super pool continues to rise, fewer Australian seniors will be eligible for age pension payments.

By this projection, the country is set to have the lowest proportion of public spending on pensions among the Organisation for Economic Cooperation and Development (OECD) nations by 2035.

Treasurer Jim Chalmers described the superannuation system as 'intergenerational genius': ‘Super is delivering on its promise–providing a better retirement for more Australians and a better outcome for the budget over the next 40 years,' he said.

As Assistant Treasurer Stephen Jones said, 'More people are going to expect more. Superannuation is ensuring that those increased expectations and the increased notions about what it is to live a dignified retirement is going to be met.'

You can watch an ABC News In-depth report about this topic here:

​

In related news, the Aged Community Care Providers (ACCPA) has proposed changes to the superannuation savings, which they said should be set aside to help improve standards in aged care and address the sector’s funding shortages.

Members have expressed their opinion about this proposal, with Member @JG48 saying: ‘So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the people's money they stole? Young people now have to pay for the pre Superannuation retirement, but only because the retirement savings have already been taken by Labor. It's not paying for, it's paying back....’

Member @Roscobro commented: ‘Leave our superannuation alone.’

‘The problem is, no one is asking where is the money going that people currently are paying. ? Because it’s not going on their care. Where is it going? No accountability.’ Member @Januvia1952 pointed out.

Key Takeaways

• Spending on the aged pension in Australia is expected to decline, despite a doubled ageing population, due to increased superannuation savings.
• By the 2060s, the number of people aged 65 and over is expected to double to nine million, while those aged over 85 will triple.
• The number of people on the aged pension is projected to decrease by 15 per cent as super balances rise to almost 220 per cent of GDP, leading to Australia having the lowest proportion of public spending on pensions among OECD nations by 2035.
• The Treasurer, Jim Chalmers, applauds the superannuation system for providing a better retirement for more Australians and a better budget outcome over the next 40 years.

What do you think of the 2023 Intergenerational Report, members? Share your thoughts in the comments below!

 

[julieaireys]

Retiring comfortably is on the minds of nearly everyone planning for the future. But how much money you need each year to do so, or what money you’ll have access to, can depend heavily on the country you’re in.

With that in mind, it looks like the age pension is going to become a less significant portion of Australia's Gross Domestic Product (GDP) in the coming decades, according to a new report.

The report, titled the 2023 Intergenerational Report, has stated that spending on the aged pension will drop from 2.3 to two per cent of GDP by the time the country reaches the 2060s.

View attachment 28261

Aged pension spending will drop in 2060. Credit: Pixabay/Pexels

This is despite projections that the number of people aged over 65 will double to nine million, and those aged over 85 will triple.

But why is that the case when the number of pensioners is increasing?

Well, the reason is that the rising superannuation savings pool is set to increase to 220 per cent of GDP by 2060, with the number of age pensioners expected to fall by 15 per cent.

There is approximately $3.5 trillion in the super assets pooled held by around 17 million Australians As the super pool continues to rise, fewer Australian seniors will be eligible for age pension payments.

By this projection, the country is set to have the lowest proportion of public spending on pensions among the Organisation for Economic Cooperation and Development (OECD) nations by 2035.

Treasurer Jim Chalmers described the superannuation system as 'intergenerational genius': ‘Super is delivering on its promise–providing a better retirement for more Australians and a better outcome for the budget over the next 40 years,' he said.

As Assistant Treasurer Stephen Jones said, 'More people are going to expect more. Superannuation is ensuring that those increased expectations and the increased notions about what it is to live a dignified retirement is going to be met.'

You can watch an ABC News In-depth report about this topic here:

​

In related news, the Aged Community Care Providers (ACCPA) has proposed changes to the superannuation savings, which they said should be set aside to help improve standards in aged care and address the sector’s funding shortages.

Members have expressed their opinion about this proposal, with Member @JG48 saying: ‘So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the people's money they stole? Young people now have to pay for the pre Superannuation retirement, but only because the retirement savings have already been taken by Labor. It's not paying for, it's paying back....’

Member @Roscobro commented: ‘Leave our superannuation alone.’

‘The problem is, no one is asking where is the money going that people currently are paying. ? Because it’s not going on their care. Where is it going? No accountability.’ Member @Januvia1952 pointed out.

Key Takeaways

• Spending on the aged pension in Australia is expected to decline, despite a doubled ageing population, due to increased superannuation savings.
• By the 2060s, the number of people aged 65 and over is expected to double to nine million, while those aged over 85 will triple.
• The number of people on the aged pension is projected to decrease by 15 per cent as super balances rise to almost 220 per cent of GDP, leading to Australia having the lowest proportion of public spending on pensions among OECD nations by 2035.
• The Treasurer, Jim Chalmers, applauds the superannuation system for providing a better retirement for more Australians and a better budget outcome over the next 40 years.

What do you think of the 2023 Intergenerational Report, members? Share your thoughts in the comments below!

Great news for retirees and the government of the day as long as pension payments keep up with the cost of living and not just continuing to cover the basics of survival.

 

[ELaDAu]

My only concern is that our Super is very much tied to corporate profits.
Natural resource sales.
Mega institution profits, Supermarkets, Airlines, Banks etc.

 

[Jethro99]

Retiring comfortably is on the minds of nearly everyone planning for the future. But how much money you need each year to do so, or what money you’ll have access to, can depend heavily on the country you’re in.

With that in mind, it looks like the age pension is going to become a less significant portion of Australia's Gross Domestic Product (GDP) in the coming decades, according to a new report.

The report, titled the 2023 Intergenerational Report, has stated that spending on the aged pension will drop from 2.3 to two per cent of GDP by the time the country reaches the 2060s.

View attachment 28261

Aged pension spending will drop in 2060. Credit: Pixabay/Pexels

This is despite projections that the number of people aged over 65 will double to nine million, and those aged over 85 will triple.

But why is that the case when the number of pensioners is increasing?

Well, the reason is that the rising superannuation savings pool is set to increase to 220 per cent of GDP by 2060, with the number of age pensioners expected to fall by 15 per cent.

There is approximately $3.5 trillion in the super assets pooled held by around 17 million Australians As the super pool continues to rise, fewer Australian seniors will be eligible for age pension payments.

By this projection, the country is set to have the lowest proportion of public spending on pensions among the Organisation for Economic Cooperation and Development (OECD) nations by 2035.

Treasurer Jim Chalmers described the superannuation system as 'intergenerational genius': ‘Super is delivering on its promise–providing a better retirement for more Australians and a better outcome for the budget over the next 40 years,' he said.

As Assistant Treasurer Stephen Jones said, 'More people are going to expect more. Superannuation is ensuring that those increased expectations and the increased notions about what it is to live a dignified retirement is going to be met.'

You can watch an ABC News In-depth report about this topic here:

​

In related news, the Aged Community Care Providers (ACCPA) has proposed changes to the superannuation savings, which they said should be set aside to help improve standards in aged care and address the sector’s funding shortages.

Members have expressed their opinion about this proposal, with Member @JG48 saying: ‘So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the people's money they stole? Young people now have to pay for the pre Superannuation retirement, but only because the retirement savings have already been taken by Labor. It's not paying for, it's paying back....’

Member @Roscobro commented: ‘Leave our superannuation alone.’

‘The problem is, no one is asking where is the money going that people currently are paying. ? Because it’s not going on their care. Where is it going? No accountability.’ Member @Januvia1952 pointed out.

Key Takeaways

• Spending on the aged pension in Australia is expected to decline, despite a doubled ageing population, due to increased superannuation savings.
• By the 2060s, the number of people aged 65 and over is expected to double to nine million, while those aged over 85 will triple.
• The number of people on the aged pension is projected to decrease by 15 per cent as super balances rise to almost 220 per cent of GDP, leading to Australia having the lowest proportion of public spending on pensions among OECD nations by 2035.
• The Treasurer, Jim Chalmers, applauds the superannuation system for providing a better retirement for more Australians and a better budget outcome over the next 40 years.

What do you think of the 2023 Intergenerational Report, members? Share your thoughts in the comments below!

I apologize for getting old

 

[Bill MacL]

Our ancestors were mostly criminals and thieves, the tradition still lives on with Politicians.

 

[Rose855]

I have 2 part pensions, one the Aged Pension and the other from my Super. Because of this I have to pay just over $400.00 a month for an Aged Care Package. I have used most of my savings and have applied for financial hardship but have just gotten their reply. I will be handing my package back and will go it alone because I cannot afford their "assistance" anymore and what I have been asked to provide is ridiculous. I am a level four recipient, so they have assessed me as being in the highest need group. The stress and upset this is causing me is not worth it. I go to church once a week. If I miss a service someone from my church will come to check on me, so if I die alone, I will eventually be found. I don't want their "assistance" anymore. I just cannot afford it.

 

[Trudi]

The whole purpose behind superannuation is to get people to finance their own retirement and reduce their dependence on welfare!

And before someone tells me that the age pension is not welfare, it is!

 

[DrivingGirl]

Successive governments have stolen our future and move the goalposts every time a different party is in power- it’s a disgrace and i guarantee this is yet another of those schemes set to be scrapped when the next bunch of rogues get in power. It’s impossible to plan as an ordinary citizen when everything is constantly changing to suit the aspirations of the current lot! Old age funding should be bipartisan and part of our constitution so it can’t be changed - we can’t jump ship to another plan when we’re old.

 

[Jethro99]

The whole purpose behind superannuation is to get people to finance their own retirement and reduce their dependence on welfare!

And before someone tells me that the age pension is not welfare, it is!

Not everyone has super their reliance is only the pension when I retired I didn't have much super at all

 

[Shane/#]

Retiring comfortably is on the minds of nearly everyone planning for the future. But how much money you need each year to do so, or what money you’ll have access to, can depend heavily on the country you’re in.

With that in mind, it looks like the age pension is going to become a less significant portion of Australia's Gross Domestic Product (GDP) in the coming decades, according to a new report.

The report, titled the 2023 Intergenerational Report, has stated that spending on the aged pension will drop from 2.3 to two per cent of GDP by the time the country reaches the 2060s.

View attachment 28261

Aged pension spending will drop in 2060. Credit: Pixabay/Pexels

This is despite projections that the number of people aged over 65 will double to nine million, and those aged over 85 will triple.

But why is that the case when the number of pensioners is increasing?

Well, the reason is that the rising superannuation savings pool is set to increase to 220 per cent of GDP by 2060, with the number of age pensioners expected to fall by 15 per cent.

There is approximately $3.5 trillion in the super assets pooled held by around 17 million Australians As the super pool continues to rise, fewer Australian seniors will be eligible for age pension payments.

By this projection, the country is set to have the lowest proportion of public spending on pensions among the Organisation for Economic Cooperation and Development (OECD) nations by 2035.

Treasurer Jim Chalmers described the superannuation system as 'intergenerational genius': ‘Super is delivering on its promise–providing a better retirement for more Australians and a better outcome for the budget over the next 40 years,' he said.

As Assistant Treasurer Stephen Jones said, 'More people are going to expect more. Superannuation is ensuring that those increased expectations and the increased notions about what it is to live a dignified retirement is going to be met.'

You can watch an ABC News In-depth report about this topic here:

​

In related news, the Aged Community Care Providers (ACCPA) has proposed changes to the superannuation savings, which they said should be set aside to help improve standards in aged care and address the sector’s funding shortages.

Members have expressed their opinion about this proposal, with Member @JG48 saying: ‘So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the people's money they stole? Young people now have to pay for the pre Superannuation retirement, but only because the retirement savings have already been taken by Labor. It's not paying for, it's paying back....’

Member @Roscobro commented: ‘Leave our superannuation alone.’

‘The problem is, no one is asking where is the money going that people currently are paying. ? Because it’s not going on their care. Where is it going? No accountability.’ Member @Januvia1952 pointed out.

Key Takeaways

• Spending on the aged pension in Australia is expected to decline, despite a doubled ageing population, due to increased superannuation savings.
• By the 2060s, the number of people aged 65 and over is expected to double to nine million, while those aged over 85 will triple.
• The number of people on the aged pension is projected to decrease by 15 per cent as super balances rise to almost 220 per cent of GDP, leading to Australia having the lowest proportion of public spending on pensions among OECD nations by 2035.
• The Treasurer, Jim Chalmers, applauds the superannuation system for providing a better retirement for more Australians and a better budget outcome over the next 40 years.

What do you think of the 2023 Intergenerational Report, members? Share your thoughts in the comments below!

What this government needs to do is hit the Australian and Multinational companies that don't pay royalties and taxes to this country the Liberal year's under the Howard government gave them free range to rape and pillage our resources for pittance where this money would have payed and looked after the elderly generation from then and now as well as medical, infrastructure, schools etc the Australian people have missed out on billions of dollars and the companies have made billions and no taxes etc unlike other countries had royalties etc before they could start and the countries people reap the benefits unlike Australia

 

[g-d]

Retiring comfortably is on the minds of nearly everyone planning for the future. But how much money you need each year to do so, or what money you’ll have access to, can depend heavily on the country you’re in.

With that in mind, it looks like the age pension is going to become a less significant portion of Australia's Gross Domestic Product (GDP) in the coming decades, according to a new report.

The report, titled the 2023 Intergenerational Report, has stated that spending on the aged pension will drop from 2.3 to two per cent of GDP by the time the country reaches the 2060s.

View attachment 28261

Aged pension spending will drop in 2060. Credit: Pixabay/Pexels

This is despite projections that the number of people aged over 65 will double to nine million, and those aged over 85 will triple.

But why is that the case when the number of pensioners is increasing?

Well, the reason is that the rising superannuation savings pool is set to increase to 220 per cent of GDP by 2060, with the number of age pensioners expected to fall by 15 per cent.

There is approximately $3.5 trillion in the super assets pooled held by around 17 million Australians As the super pool continues to rise, fewer Australian seniors will be eligible for age pension payments.

By this projection, the country is set to have the lowest proportion of public spending on pensions among the Organisation for Economic Cooperation and Development (OECD) nations by 2035.

Treasurer Jim Chalmers described the superannuation system as 'intergenerational genius': ‘Super is delivering on its promise–providing a better retirement for more Australians and a better outcome for the budget over the next 40 years,' he said.

As Assistant Treasurer Stephen Jones said, 'More people are going to expect more. Superannuation is ensuring that those increased expectations and the increased notions about what it is to live a dignified retirement is going to be met.'

You can watch an ABC News In-depth report about this topic here:

​

In related news, the Aged Community Care Providers (ACCPA) has proposed changes to the superannuation savings, which they said should be set aside to help improve standards in aged care and address the sector’s funding shortages.

Members have expressed their opinion about this proposal, with Member @JG48 saying: ‘So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the people's money they stole? Young people now have to pay for the pre Superannuation retirement, but only because the retirement savings have already been taken by Labor. It's not paying for, it's paying back....’

Member @Roscobro commented: ‘Leave our superannuation alone.’

‘The problem is, no one is asking where is the money going that people currently are paying. ? Because it’s not going on their care. Where is it going? No accountability.’ Member @Januvia1952 pointed out.

Key Takeaways

• Spending on the aged pension in Australia is expected to decline, despite a doubled ageing population, due to increased superannuation savings.
• By the 2060s, the number of people aged 65 and over is expected to double to nine million, while those aged over 85 will triple.
• The number of people on the aged pension is projected to decrease by 15 per cent as super balances rise to almost 220 per cent of GDP, leading to Australia having the lowest proportion of public spending on pensions among OECD nations by 2035.
• The Treasurer, Jim Chalmers, applauds the superannuation system for providing a better retirement for more Australians and a better budget outcome over the next 40 years.

What do you think of the 2023 Intergenerational Report, members? Share your thoughts in the comments below!

 

[g-d]

Jim Chalmers is a very bright economist with long term policy foresight. Yes we are worse off in the current world crisis but are we alone there? We are better off than many countries in this world.

 

[Luckyus]

Retiring comfortably is on the minds of nearly everyone planning for the future. But how much money you need each year to do so, or what money you’ll have access to, can depend heavily on the country you’re in.

With that in mind, it looks like the age pension is going to become a less significant portion of Australia's Gross Domestic Product (GDP) in the coming decades, according to a new report.

The report, titled the 2023 Intergenerational Report, has stated that spending on the aged pension will drop from 2.3 to two per cent of GDP by the time the country reaches the 2060s.

View attachment 28261

Aged pension spending will drop in 2060. Credit: Pixabay/Pexels

This is despite projections that the number of people aged over 65 will double to nine million, and those aged over 85 will triple.

But why is that the case when the number of pensioners is increasing?

Well, the reason is that the rising superannuation savings pool is set to increase to 220 per cent of GDP by 2060, with the number of age pensioners expected to fall by 15 per cent.

There is approximately $3.5 trillion in the super assets pooled held by around 17 million Australians As the super pool continues to rise, fewer Australian seniors will be eligible for age pension payments.

By this projection, the country is set to have the lowest proportion of public spending on pensions among the Organisation for Economic Cooperation and Development (OECD) nations by 2035.

Treasurer Jim Chalmers described the superannuation system as 'intergenerational genius': ‘Super is delivering on its promise–providing a better retirement for more Australians and a better outcome for the budget over the next 40 years,' he said.

As Assistant Treasurer Stephen Jones said, 'More people are going to expect more. Superannuation is ensuring that those increased expectations and the increased notions about what it is to live a dignified retirement is going to be met.'

You can watch an ABC News In-depth report about this topic here:

​

In related news, the Aged Community Care Providers (ACCPA) has proposed changes to the superannuation savings, which they said should be set aside to help improve standards in aged care and address the sector’s funding shortages.

Members have expressed their opinion about this proposal, with Member @JG48 saying: ‘So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the people's money they stole? Young people now have to pay for the pre Superannuation retirement, but only because the retirement savings have already been taken by Labor. It's not paying for, it's paying back....’

Member @Roscobro commented: ‘Leave our superannuation alone.’

‘The problem is, no one is asking where is the money going that people currently are paying. ? Because it’s not going on their care. Where is it going? No accountability.’ Member @Januvia1952 pointed out.

Key Takeaways

• Spending on the aged pension in Australia is expected to decline, despite a doubled ageing population, due to increased superannuation savings.
• By the 2060s, the number of people aged 65 and over is expected to double to nine million, while those aged over 85 will triple.
• The number of people on the aged pension is projected to decrease by 15 per cent as super balances rise to almost 220 per cent of GDP, leading to Australia having the lowest proportion of public spending on pensions among OECD nations by 2035.
• The Treasurer, Jim Chalmers, applauds the superannuation system for providing a better retirement for more Australians and a better budget outcome over the next 40 years.

What do you think of the 2023 Intergenerational Report, members? Share your thoughts in the comments below!

The only positive thing about old age is it generally doesn't last long!!.

 

[Imbi]

Retiring comfortably is on the minds of nearly everyone planning for the future. But how much money you need each year to do so, or what money you’ll have access to, can depend heavily on the country you’re in.

With that in mind, it looks like the age pension is going to become a less significant portion of Australia's Gross Domestic Product (GDP) in the coming decades, according to a new report.

The report, titled the 2023 Intergenerational Report, has stated that spending on the aged pension will drop from 2.3 to two per cent of GDP by the time the country reaches the 2060s.

View attachment 28261

Aged pension spending will drop in 2060. Credit: Pixabay/Pexels

This is despite projections that the number of people aged over 65 will double to nine million, and those aged over 85 will triple.

But why is that the case when the number of pensioners is increasing?

Well, the reason is that the rising superannuation savings pool is set to increase to 220 per cent of GDP by 2060, with the number of age pensioners expected to fall by 15 per cent.

There is approximately $3.5 trillion in the super assets pooled held by around 17 million Australians As the super pool continues to rise, fewer Australian seniors will be eligible for age pension payments.

By this projection, the country is set to have the lowest proportion of public spending on pensions among the Organisation for Economic Cooperation and Development (OECD) nations by 2035.

Treasurer Jim Chalmers described the superannuation system as 'intergenerational genius': ‘Super is delivering on its promise–providing a better retirement for more Australians and a better outcome for the budget over the next 40 years,' he said.

As Assistant Treasurer Stephen Jones said, 'More people are going to expect more. Superannuation is ensuring that those increased expectations and the increased notions about what it is to live a dignified retirement is going to be met.'

You can watch an ABC News In-depth report about this topic here:

​

In related news, the Aged Community Care Providers (ACCPA) has proposed changes to the superannuation savings, which they said should be set aside to help improve standards in aged care and address the sector’s funding shortages.

Members have expressed their opinion about this proposal, with Member @JG48 saying: ‘So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the people's money they stole? Young people now have to pay for the pre Superannuation retirement, but only because the retirement savings have already been taken by Labor. It's not paying for, it's paying back....’

Member @Roscobro commented: ‘Leave our superannuation alone.’

‘The problem is, no one is asking where is the money going that people currently are paying. ? Because it’s not going on their care. Where is it going? No accountability.’ Member @Januvia1952 pointed out.

Key Takeaways

• Spending on the aged pension in Australia is expected to decline, despite a doubled ageing population, due to increased superannuation savings.
• By the 2060s, the number of people aged 65 and over is expected to double to nine million, while those aged over 85 will triple.
• The number of people on the aged pension is projected to decrease by 15 per cent as super balances rise to almost 220 per cent of GDP, leading to Australia having the lowest proportion of public spending on pensions among OECD nations by 2035.
• The Treasurer, Jim Chalmers, applauds the superannuation system for providing a better retirement for more Australians and a better budget outcome over the next 40 years.

What do you think of the 2023 Intergenerational Report, members? Share your thoughts in the comments below!

I would love to see Mr Chalmers living of the aged pension and not live on the pension payments that politicians get. Take the huge pensions paid to politicians and add it to the aged pension. People who worked in excess of 50 years and paid taxes for all 50+. Disgusted.

 

[Trudi]

Not everyone has super their reliance is only the pension when I retired I didn't have much super at all

When I retired in 2011 super had been around for 20 years and over the last few years of my working life - and I was still supporting the yourgest of my children as a single mother, I put as much into super as I could in order to grow it.

In retirement my super income is about the same amount as the single age pension, which is what I live on. I do have two rental properties but I do not spend the income from those.

 

[Trudi]

I would love to see Mr Chalmers living of the aged pension and not live on the pension payments that politicians get. Take the huge pensions paid to politicians and add it to the aged pension. People who worked in excess of 50 years and paid taxes for all 50+. Disgusted.

Mr Chalmers's super contributions are as follows:

What is the rate of member contributions?​

Contributions are a fixed percentage of:

1. parliamentary allowance; and
2. salary for Ministers of State; and
3. allowance by way of salary for office holders.

The contribution rates are 11.5% for the first 18 years service and 5.75 % thereafter.

Members of the PCSS are unable to make salary sacrifice superannuation contributions.

Parliamentary Contributory Superannuation Scheme | Department of Finance

Information Pamphlet The legislative basis for the Scheme is the Parliamentary Contributory Superannuation Act 1948 (the PCS Act

www.finance.gov.au

I agree that his salary is most likely higher than that of someone on an average salary, but I would bet that when he leaves parliament, he will have no problems getting much higher paid jobs than what he has now. Here is some information about parliamentary salary increases that might be of interest:

In its 2020 Remuneration Review Statement the Tribunal decided to provide no adjustment to remuneration for public office in its determinative jurisdiction from 1 July 2020.

On 10 June 2021 the Tribunal notified its decision to determine no adjustment to remuneration for public offices in its jurisdiction with effect from 1 July 2021.

Remuneration Tribunal (Members of Parliament) Determination 2020 and Remuneration Tribunal (Members of Parliament) Determination 2021 put the decisions into effect. The Tribunal issued a report on ministerial salary in July 2021 that provided no alterations to the existing percentage levels.

On 13 June 2022 the Tribunal decided an increase of 2.75 per cent for public offices in its jurisdiction with effect from 1 July 2022. The Tribunal gave effect to this increase from 1 July 2022 through the Remuneration Tribunal (Members of Parliament) Determination 2022. The base salary increased from $211,250 to $217,060.

The Tribunal issued a report on ministerial salary in July 2022 that provided no alterations to the existing percentages levels.

The separate appendix table to this quick guide, Remuneration of members of parliament, parliamentary office holders and ministers of state, provides the base salary for members of parliament as well as salaries of office for ministers and parliamentary officer holders.

2022 Parliamentary remuneration and business resources: a quick guide

Updated 11 November 2022 PDF Version [526KB] Cathy Madden and Deirdre McKeown Politics and Public Administration Section Introduction In 2017 the Turnbull Government introduced the most extensive changes to parliamentary entitlements since the current system commenced in 1990

www.aph.gov.au

 

[johno cpfc]

For a very large proportion of elderly folk {i am 84} the super came very late in their working lives [ i only got $40,000 so that did not go very far at all ] thats why we need a pension just to help us survive .

 

[Trudi]

For a very large proportion of elderly folk {i am 84} the super came very late in their working lives [ i only got $40,000 so that did not go very far at all ] thats why we need a pension just to help us survive .

I took out a superannuation policy through an insurance company back in 1974.

Besides, super wasn't the only means to provide for one's retirement. There have always been other options, such as investments in fixed term deposits, shares and rental properties to name a few alternatives.

 

[DrivingGirl]

Not everyone has super their reliance is only the pension when I retired I didn't have much super at all

If you have lived in Australia your whole working life - have stayed married to the same person your whole life - have had no major out of pocket health costs your whole life - have been consistently employed your whole life- then what you say is true
How many of us fall into that idyllic landscape ?????!