Self-funded retirees say they are being left behind in Australia’s cost-of-living battle.
One man has taken his fight all the way to Treasury, only to be told they already live better than others.
His response? He called it ‘patronising’.
In this Article
George Holmes fights for fairer concessions for self-funded retirees
George Holmes, 81, had campaigned for self-funded retirees (SFR) with low super balances to receive the same concessions as those holding a Pensioner Concession Card.
He was not asking for pension payments but wanted cheaper electricity and water bills, access to hearing services, and discounted public transport and vehicle registration.
Mr Holmes shared that he believed SFRs just above the eligibility threshold were being ignored, despite struggling with the same financial pressures.
‘The Prime Minister promised cost-of-living relief to all Australians—an election day comment that “no one would be left behind”.’
‘From what I have been able to determine, the only cohort of Australians to not have received cost-of-living relief are the self-funded retirees. Is that a broken promise?’
The reality of 'comfortable' retirement
The ASFA comfortable retirement standard rose to a record high of $72,663 per year for couples, and $51,630 per year for singles in the March quarter.
Holmes's example retiree, receiving $37,500 annually, falls well short of even a modest comfortable retirement, yet receives no concessions.
Source: Youtube/7NEWS Australia
Treasury defends self-funded retirees’ standard of living
In response, James Thomson from the Retirement Income and Superannuation Division wrote to Mr Holmes, stating: ‘Superannuation receives generous tax concessions that support Australians, including self-funded retirees, in building their retirement savings. As they have built up savings over their working lives, self-funded retirees enjoy a higher standard of living in retirement than others.’
Mr Holmes described the reply as a ‘typical bureaucratic reply’ that failed to address his proposal.
He pointed out that a single homeowner aged 65 to 74 with $750,000 in superannuation, drawing down the minimum five per cent, would receive $37,000 per year compared to a full pension of $30,646.20 plus the additional benefits of a Pensioner Concession Card.
‘[It’s] hardly a much higher standard of living!’ he said.
‘As they have built up savings over their working lives, self-funded retirees enjoy a higher standard of living in retirement than others’
Limited support and the push for an e-petition
Treasury noted that the government had lifted income eligibility for the Commonwealth Seniors Health Card (CSHC), which offers cheaper prescription medicines and potential access to bulk-billing, although it is not guaranteed.
Services Australia added that SFRs could also apply for a Low Income Health Care Card, which provides similar benefits to the Pensioner Concession Card, but acknowledged the complexity of retirees’ financial situations.
A spokesperson advised retirees to seek free guidance from a financial information service officer to review eligibility.
Mr Holmes argued that the CSHC was of limited use because, in his experience, ‘there are fewer and fewer doctors who recognise the CSHC for bulk billing services’.
He has since begun preparations for an e-petition to the House of Representatives, but was told there is a backlog of 400 petitions being processed.
The tale of two cards: a benefits divide
Understanding the difference between concession cards reveals the heart of Holmes’s argument.
There’s a substantial disparity in what’s available to pensioners versus self-funded retirees.
The PCC has all of the benefits of the CSHC plus more, including electricity and utility discounts, public transport concessions, vehicle registration discounts, and guaranteed access to hearing services.
The CSHC, while valuable, offers much more limited benefits.
Even its marquee feature—bulk billing access—comes with a caveat. As Holmes noted from his experience, ‘there are fewer and fewer doctors who recognise the CSHC for bulk billing services.’
Did you know?
Did you know? The savings on the medical safety net and Pharmaceutical Benefits Scheme (PBS) are worth about $2,500 per annum for singles, double that for couples for CSHC holders. However, these savings pale in comparison to the comprehensive concessions available through the Pensioner Concession Card.
Political support emerges
South Australian MP Rebekha Sharkie has thrown her support behind examining Holmes’s proposals, recognising there’s ‘an equity issue here and potential for an overhaul of the age pensions system.’
Sharkie highlighted a fundamental problem: ‘In some ways there is a disincentive unless you are well above the threshold to get a pension based on assets/income to be a self-funded retiree.’
This creates a perverse incentive where people might be financially better off spending down their assets to qualify for the Age Pension rather than maintaining modest self-funded retirement savings.
International comparisons offer hope
Sharkie also mentioned the potential to examine systems similar to the UK’s approach, where there’s more universal access to certain benefits regardless of wealth.
This international perspective suggests there are alternative models that could better serve Australia’s diverse retiree population.
Source: Youtube/ITV News
Example Scenario
- Meet Margaret, a 72-year-old from Perth Margaret worked as a school administrator for 35 years and has $280,000 in superannuation.
- Limited income Drawing down at the minimum rate, she receives about $14,000 annually from her super, plus some part-time work income.
- Struggling despite savings She’s ineligible for the Age Pension but struggles with rising electricity bills and needs regular medical care.
- How Holmes’s proposal would help Under Holmes’s proposal, she would access the same utility discounts and bulk billing guarantees as her neighbour who qualifies for a full pension.
The petition process and what’s next
Holmes is working to launch an e-petition through the House of Representatives, though progress has been slow.
As of July 2024, the Petitions Committee reported working through a backlog of 400 petitions.
This bureaucratic delay adds to Holmes’s frustration, particularly given the Prime Minister’s election promise that ‘no one would be left behind’ in cost-of-living relief.
What self-funded retirees can do now
- Check your eligibility for the Commonwealth Seniors Health Card—recent threshold increases may have made you eligible
- Contact Services Australia on 132 300 for free financial information service advice
- Consider whether a Low Income Health Care Card might be available for your circumstances
- Contact your local MP to express support for broader concession access
- Join organisations like National Seniors Australia that advocate for retiree interests
What This Means For You
George Holmes has been campaigning tirelessly for low-income self-funded retirees to receive the same benefits and concessions as pensioners, highlighting the struggles of those just above the eligibility threshold. However, Treasury rejected his proposal, arguing that self-funded retirees already enjoy a higher standard of living.
In response to the challenges faced by some retirees, the government did increase eligibility thresholds for the Commonwealth Seniors Health Card, offering limited relief. South Australian MP Rebekha Sharkie has also supported calls for a broader review of the pension system, recognising the need for fairness and equity.
This raises an important question: if you or someone you know is a self-funded retiree, are you receiving the support you need, or have you been overlooked in the system designed to protect older Australians?
Selected Living Cost Indexes, Australia, June 2025 — Reports that self-funded retiree households recorded the smallest annual rise (+1.7%) of all living cost indexes.
https://www.abs.gov.au/statistics/e...-living-cost-indexes-australia/latest-release
What is the cost of living in retirement in Australia? — Explains that an Age Pension will pay approximately $29,754 per year for singles and $44,855 for couples.
https://www.superguide.com.au/retirement-planning/how-much-cost-live-in-retirement
Cost-of-living increase eases for some retirees—National Seniors Australia — States that the ASFA comfortable retirement standard rose to $72,663 per year for couples and $51,630 per year for singles in the March quarter.
https://nationalseniors.com.au/news/finance/cost-of-living-increase-eases-for-some-retirees
Explained: The differences between Centrelink concession cards | YourLifeChoices — Highlights that the Pensioner Concession Card (PCC) has all the benefits of the Commonwealth Seniors Health Card (CSHC) plus additional concessions.
https://www.yourlifechoices.com.au/centrelink/explained-the-differences-between-concession-cards/
Explained: The differences between Centrelink concession cards | YourLifeChoices — Notes that the PCC provides help with hearing services and other concessions beyond the CSHC.
https://www.yourlifechoices.com.au/centrelink/explained-the-differences-between-concession-cards/
Explained: The differences between Centrelink concession cards | YourLifeChoices — Reports that savings on the medical safety net and Pharmaceutical Benefits Scheme (PBS) are worth about $2,500 per annum for singles, double that for couples.
https://www.yourlifechoices.com.au/centrelink/explained-the-differences-between-concession-cards/
If self-funded retirees are left out of cost-of-living relief, does that undermine the Prime Minister’s promise that no one would be left behind?
Seniors Discount Club
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