September 03, 2017

375,000 Australians will be hit by the Turnbull Government’s plan to increase the pension eligibility age to 70 in the first four years of the change between 2025-29. 

Data obtained from the Department of Social Services shows for the first time that around 375,000 Australians will be hit by Malcolm Turnbull’s plan to increase the pension age to 70.

This amounts to a cut of $3.6 billion. That’s $3.6 billion that’s being taken from the pockets of hard-working Australians.

Mr Turnbull’s hike to the pension age will affect people born after 1 July 1958.

This means that Australians currently in their 50s who are planning for their retirement now will be stung by this change.

Mr Turnbull wants to give Australia the oldest pension age in the world. No other advanced country plans to increase their pension age to 70.

Increasing the pension age to 70 is not only unfair, it will worsen inequality.

We know that life expectancy increases with income.

In United States, the latest data shows that the richest one per cent of American men live 14.6 years longer on average than the poorest one per cent. For women, the average difference is just over ten years.

Between the years 2001 to 2014 the life expectancy of the richest five per cent of Americans increased by roughly three years. For the poorest five per cent, there was no increase.

In Australia, we know that this change to the pension age unfairly hurts Australians living in regional and remote Australia where life expectancy is lower.

The median age at death for people living in remote Australia is 73.8 compared to 82.3 for Australians living in major cities.

The National Party are meant to represent people living in remote and regional Australia but they’ve been silent on Malcolm Turnbull’s plan to increase the pension age to 70.

Malcolm Turnbull just doesn’t get it. He’s completely out of touch with ordinary Australians.

He’s got no idea how hard it is for ordinary people to work until they’re 70. 

It’s time that Malcolm Turnbull dropped his plan to increase the pension age to 70 from the Budget once and for all.


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