Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

 

[chezna]

We are aged Pensioners, but we, as a couple, receive approx. $1488.00 PER FORTNIGHT, NOT PER WEEK.
Why are we missing out on all that extra pension????

I think he meant per fortnight not per week . So if you getting $1488.80 per fortnight you getting correct amount

 

[chezna]

Currently I am aware that the number of people paying taxes into the coffers verses the number of people on pensions drawing it out of the coffers is a delicate balance. We as pensioners are a growing group, the budget must be a tricky proposition to create. I have always thought that we as a nation are underpopulated, when we consider cities in Asia with 30 or so million people in an area smaller than Tasmania, yet we in all of this vast country have less than 30 million in total, the obvious answer in my mind is to bring in more young working population that will pay taxes and become great Australians. Migrants built Australia, so why not encourage a more diverse Australia by allowing more to come here. More workers would mean more taxes paid, allowing a better spend towards the elderly of the nation. Of course we could also encourage taxing the companies that pay almost no tax to pay some. Until more money comes in to Govt there can be no real good increase to pensioners and to those doing it tough for a multitude of reasons. With the land area of Australia we as a nation should be able to grow by many millions. Just a thought, and yes another $50 a week would be great thanks.

No we don’t need more migrants! We have no where to house Australians let alone migrants! Plus migrants on 472 visas are bringing their parents in as permanent residents & they get a pension & yet have never contributed towards it.. there sponsors/kids should be responsible for their parents!

 

[DJAY]

AGE PENSION SHOULD BE ADJUSTED EVERY QUARTER NOT EVERY 6 MONTHS – WE PENSIONERS ARE ALREADY BEHIND BEFORE WE GET ANY INCREASE WHICH IS ALWAYS A PALTRY SUM AND DOES NOT IN ANY WAY COVER ANY RISE IN THE COST OF LIVING – THE BASE RATE OF AGE PENSION SHOULD BE INCREASED TO THAT OF THE MINIMUM WAGE – THAT WOULD GO A LONG WAY TO EASING POVERTY AND INCREASING HARDSHIP FOR AGE PENSIONERS – NOT ALL AGE PENSIONERS OWN THER OWN HOME – I AM 76 YEARS OF AGE AND STILL HAVE A MORTGAGE – NOW THAT HAS BEEN INCREASED WITH THE RESERVE BANK INCREASING INTEREST RATES AND STILL MORE INCREASES COMING UP , MY HOUSE AND CONTENTS INSURANCE HAS GONE UP , MY INTERNET PRICE HAS GONE UP , MY ELECTRIC BILL HAS GONE UP , MY GAS BILL HAS GONE UP , I CANT DRIVE ANYWHERE ONLY LOCAL TO DO MY SHOPPING AS PETROL PRICES ARE TOO EXPENSIVE , THE COST OF FOOD HAS BECOME UNAFORDABLE AND STRUGGLE TO BE ABLE TO HAVE A DECENT MEAL , I WEAR THE SAME CLOTHES ALL THE TIME BECAUSE I CANT AFFORD TO BUY NEW CLOTHES , MY HOUSE IS DETERIORATING BECAUSE I CANT AFFORD TO BUY MATERIALS AS THE COST OF BUILDING MATERIALS HAS SHOT THROUGH THE ROOF , MY POOR DOG IS NOT AS GOOD AS SHE SHOULD BE BECAUSE THE PRICE OF GOOD QUALITY PET FOOD IS ASTRONOMICALLY HIGH , VET BILLS ARE FRIGHTENING , MY HEALTH IS ALSO SUFFERING – I’VE HAD TO SEE A SPECIALIST AND PAY OUT LARGE CONSULTATION FEES BECAUSE THESE GUYS DONT BULK BILL WHICH FURTHER SENDS ME INTO DEBT – ALL IN ALL THIS ALL BOILS DOWN TO THAT THE BASE RATE OF THE PENSION IS WELL BELOW WHAT IT NEEDS TO BE – REGARDS ONE OF THOUSANDS OF AGE PENSIONERS

 

[tomtom]

Perhaps it is about time we, the pensioners let Canberra know that we are here, irrespective of which party you support - we get 4/5ths of bugger all. Parliamentarians are looked after, they don't feel the pain of some pensioners and really they don't care as long as they get their inflated wages - and please don't tell me they earn it - how often have you tried to contact a politician with success. Don't worry folks, no politician will support your request for an increase. They are all from the same " bull...t mould.

 

[NotPhilips]

Plus migrants on 472 visas are bringing their parents in as permanent residents & they get a pension & yet have never contributed towards it.. there sponsors/kids should be responsible for their parents!

Are you absolutely sure about that? I came here in 2013 on a parent visa (permanent resident), and I'm now a citizen. Despite being well over pension age and far below the income/assets limits, I'm not allowed any Age Pension until I've lived here for 10 years. So no rent assistance, fuel card, etc etc. Also my overseas pension, which is much less than AP, is frozen at the 2013 rate and will never increase.

No, I don't "contribute" because my income is too low to be taxable.

 

[chezna]

AGE PENSION SHOULD BE ADJUSTED EVERY QUARTER NOT EVERY 6 MONTHS – WE PENSIONERS ARE ALREADY BEHIND BEFORE WE GET ANY INCREASE WHICH IS ALWAYS A PALTRY SUM AND DOES NOT IN ANY WAY COVER ANY RISE IN THE COST OF LIVING – THE BASE RATE OF AGE PENSION SHOULD BE INCREASED TO THAT OF THE MINIMUM WAGE – THAT WOULD GO A LONG WAY TO EASING POVERTY AND INCREASING HARDSHIP FOR AGE PENSIONERS – NOT ALL AGE PENSIONERS OWN THER OWN HOME – I AM 76 YEARS OF AGE AND STILL HAVE A MORTGAGE – NOW THAT HAS BEEN INCREASED WITH THE RESERVE BANK INCREASING INTEREST RATES AND STILL MORE INCREASES COMING UP , MY HOUSE AND CONTENTS INSURANCE HAS GONE UP , MY INTERNET PRICE HAS GONE UP , MY ELECTRIC BILL HAS GONE UP , MY GAS BILL HAS GONE UP , I CANT DRIVE ANYWHERE ONLY LOCAL TO DO MY SHOPPING AS PETROL PRICES ARE TOO EXPENSIVE , THE COST OF FOOD HAS BECOME UNAFORDABLE AND STRUGGLE TO BE ABLE TO HAVE A DECENT MEAL , I WEAR THE SAME CLOTHES ALL THE TIME BECAUSE I CANT AFFORD TO BUY NEW CLOTHES , MY HOUSE IS DETERIORATING BECAUSE I CANT AFFORD TO BUY MATERIALS AS THE COST OF BUILDING MATERIALS HAS SHOT THROUGH THE ROOF , MY POOR DOG IS NOT AS GOOD AS SHE SHOULD BE BECAUSE THE PRICE OF GOOD QUALITY PET FOOD IS ASTRONOMICALLY HIGH , VET BILLS ARE FRIGHTENING , MY HEALTH IS ALSO SUFFERING – I’VE HAD TO SEE A SPECIALIST AND PAY OUT LARGE CONSULTATION FEES BECAUSE THESE GUYS DONT BULK BILL WHICH FURTHER SENDS ME INTO DEBT – ALL IN ALL THIS ALL BOILS DOWN TO THAT THE BASE RATE OF THE PENSION IS WELL BELOW WHAT IT NEEDS TO BE – REGARDS ONE OF THOUSANDS OF AGE PENSIONERS

Firstly, there’s no way they will increase age pension to minimum wage.. everyone’s expenses have gone up however we have to manage! Be thankful we aren’t in an overseas country that doesn't have pensions! Pensions aren’t meant to pay your mortgage, they are meant to live off & many do.. it’s only the ones that have over capitalised that have problems existing! hence why superannuation was brought it in to pay for the shortfall.. I have friends overseas that are still working at 72, 76, 79, 82 etc that are still working because there is no pensions.. I am grateful for the age pension I get, is it enough, no, however I make do.. I bulk buy so that things last longer.. I get some vegetables from the farm because they are cheaper than supermarkets, I don’t buy ,

Are you absolutely sure about that? I came here in 2013 on a parent visa (permanent resident), and I'm now a citizen. Despite being well over pension age and far below the income/assets limits, I'm not allowed any Age Pension until I've lived here for 10 years. So no rent assistance, fuel card, etc etc. Also my overseas pension, which is much less than AP, is frozen at the 2013 rate and will never increase.

No, I don't "contribute" because my income is too low to be taxable.

you get your (obviously) overseas pension & should never get an Australian pension simply because you have never contributed.. only ones that contributed should get it & I believe paid out only for the years they contributed.. if they only worked here for 5 years out of 50 year working life they should only get the 2.5% of pension..

 

[Esma Rose]

Pensions have been the bone of contention since they appeared on the scene. It will never suit everyone because we are all different. People are secretive to their needs & what they do with their money. One should never criticise another if they do not know real facts. Some have life so much harder but if the truth be known many refuse to admit themselves wrong. Just an honest bye the bye: I sat in on a conversation that blew me away. A few years back I used to allocate $5 to play the pokies. Never did I go over. , the reason being I've worked in all areas of gambling because I've always loved figures. You see it all, so you put strict rules upon yourself. You're there for a reason to save money for something so you're not going to gamble it away. I called in to where I used to go to spend my $5 to watch tennis on their big screen & bought fish & chips cheap for a bite of lunch. I sat in on a conversation of 4 elderly ladies running down the pension & how they are not making ends meet. It was disgusting. To each his own readers, I stayed on to see one particular woman who had been loose with her language feeding fifty dollar bills into one particular machine. I was SO mesmerised that I went & made an extra coffee for myself. There was no way I'd leave until I learnt the outcome. I've never been a sticky beak, true, but these 4 ladies were off their faces over their pensions, blaming anything that came into their heads, yet pouring 50 dollar bills into their machines. Well, none of them won big but one. She got her money back. On their way out they started moaning again. Look everyone, I am no wowser, I've lived & loved, I've done it all, BUT if you are to blame for anything , DON'T BLAME ANYONE ELSE FOR YOUR STUPIDITY. Have I won in the past with my FIVE dollars weekly? You bet I have. A little ps from me. The moment we get a rise, some other thing swallows it. We are all so familiar with that. My gripe is the Body Corporate paid quarterly. I don't think any one gets a fair go in this area, but, that's another story where downsizing is not always practical.

 

[Andrew]

My wife and l are ex Brits, but have spent most of our lives living and working here. Both of us receive a part-pension from England. However it reduces our Aussie pension, depending on the exchange rate. Many pensioners are finding the cost of living hard, especially those paying rent. But having worked long and hard all my life l own my home and everything else. Retiring dept free we manage quite well. High cost items like insurance for house, health and car increase each year are a concern. As are council rates, water and power. Concessions help. It all comes down to how you manage your money.

 

[Esma Rose]

Chezna, you make a lot of sense. Loved what you wrote.

 

[Ricci]

Currently I am aware that the number of people paying taxes into the coffers verses the number of people on pensions drawing it out of the coffers is a delicate balance. We as pensioners are a growing group, the budget must be a tricky proposition to create. I have always thought that we as a nation are underpopulated, when we consider cities in Asia with 30 or so million people in an area smaller than Tasmania, yet we in all of this vast country have less than 30 million in total, the obvious answer in my mind is to bring in more young working population that will pay taxes and become great Australians. Migrants built Australia, so why not encourage a more diverse Australia by allowing more to come here. More workers would mean more taxes paid, allowing a better spend towards the elderly of the nation. Of course we could also encourage taxing the companies that pay almost no tax to pay some. Until more money comes in to Govt there can be no real good increase to pensioners and to those doing it tough for a multitude of reasons. With the land area of Australia we as a nation should be able to grow by many millions. Just a thought, and yes another $50 a week would be great thanks.

Before emigrating to Australia in the early 80's we did some research into Aust so that we had some idea of what we were coming to. It was said that the land could provide for a maximum of 25 mil without getting under stress and at 30 mil would be struggling. We do not have the fresh water resources to cater for so many and unless we are prepared to to start on desalinated water we would be in strife. We also do not have the fertile land of other countries so a lot of our farming is marginal and relies on tons and tons of fertiliser and chemicals to get by and is also running on diminishing returns. There is a reason why the middle is so sparsely populated, it is arid and hostile but if we were to all move there and leave the coastal fringe to farmers we might be able to take the population to 35mil but fresh water would be the problem.

These are not my ideas but the scientists of the day, maybe there has been a radical rethink since then but I can't help but think our lack of water will do for us in the end and Australia will become almost inhabitable if we push it too far.

 

[NotPhilips]

You get your (obviously) overseas pension & should never get an Australian pension simply because you have never contributed.. only ones that contributed should get it & I believe paid out only for the years they contributed.. if they only worked here for 5 years out of 50 year working life they should only get the 2.5% of pension..

The Australian government charged me a very large amount of money for that visa, equivalent to at least 10 years' worth of the pension top-up that I'll be claiming next year. There was a further charge for the citizenship application.

All of my income is spent in Australia so I pay indirect taxes like everyone else.

I was employed by the AEC at the federal election in May, and they vet all applicants, so I must be a fine upstanding citizen. Sadly, even with that additional income I'm still below the tax threshold.

We're getting away from the original point. Your belief that parents can just turn up here and be handed a pension is wrong.

 

[Thecheesequeen]

I profoundly support the Aged Pension. It was introduced by the Protectionist Party in 1908 with the support of the Labour Party. I detect their are some Pensioner “ grizzlies “ out there who I known struggle at this time, but remember just paying taxes for a lifetime does not entitle receipt of the Pension. The Govt no has self generating income it is funded by todays taxpayers. I willingly give my funding. Please be grateful.

Paying taxes one’s whole life absolutely should entitle receipt of the pension!

 

[Shoeb]

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

Pensioners are doing miserable and it’s high time government increases realistically to decent & respectful living!

 

[Joyce Rodway]

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

Yes I do think they need to prioritise the pension payments and do a bit more for the aged as well .People cannot afford to get their teeth fixed and in Gippsland there is no government dentist you cannot get glasses on government funding .The nearest is along way away and elderly people cannot drive that far.
So maybe the government can help and pay the difference in the prices.

 

[Stainless2Day]

Pensioners have worked all their lives and paid taxes. With absolutely everything going up or gone up this year, $100 a fortnight wouldn’t cover increases. My house insurance will go. Cut back on food. Don’t go out much because of petrol cost. Don’t put heater on for long. Etc etc. it’s all ridiculous. If you rent privately as I do and many others, it’s even harder.

Still PAYING Taxes actually Szuki! GST on almost everything, including Processed foods. But beautiful weather in Qld., thankfully we do not have the heating costs like southern states. Let us all be grateful for ALL that we have, unlike so many people on our small planet!

 

[Frances mary]

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

Well i will be waiting with baited breath to see exactly what the poor pensioners get as it will probably not even touch the surface of some of the pensioners as cost of living has gone through the roof and its always the pensioners that seem to suffer the worst especially when a of us can't even afford to use any heating to keep warm because it is to expensive so a blanket has to do or better still get into bed to keep warm

 

[BRIAN KK]

We'd like to be getting $1488.80 a week, that'd be great. I'd be thankful for an rise. Don't know how the pensioners that are renting do it though.

 

[Zemo]

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

That's like asking a drowning man if he'd like a life belt.

 

[Anni]

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

Great quote & increase to our pension would be such a huge help

 

[Ian Crane-Luff]

I estimate I'm $100 worse off today than I was a month ago, part of my pension is from overseas and the exchange rate has dropped by $20 a month, my rent has increased by $20 a fortnight my food, although of reduced items has increased by at least $20 it's endless, parking at the hospital has increased my household insurance has doubled in the last month. fortunately, one thing that didn't increase was my car insurance