Treasurer Scott Morrison says he wants to assist pensioners to downsize their home but he fails to mention that the Abbott-Turnbull Government scrapped a Labor scheme designed to do exactly that.
When in government, Labor proposed a measure designed to assist pensioners to downsize their homes and still retain an adequate pension.
Unfortunately, the Liberals scrapped this important reform in their first unfair Budget.
Scott Morrison is all spin and no substance when it comes to helping pensioners.
Mr Morrison’s latest three word slogan “work, save, invest” fails to mention that as Social Services Minister he made cuts to the pension that actually punishes pensioners for saving and investing for their retirement.
In June this year the Liberals teamed up with the Greens to cut the pension to 330,000 Australian pensioners.
Longer-term, the Abbott-Turnbull Government’s changes to the pension assets test will punish half of all new retirees over the next decade.
Reece Birtles, Chief Investment Officer at Martin Currie Australia, recently said:
“Under those new rules, there’s very little incentive to save, for people who have accumulated between $400,000 and $1.1 million in superannuation.”
REECE BIRTLES, MARTIN CURRIE AUSTRALIA, 22 SEPTEMBER 2015
This follows criticism from David Shirlow, a former executive director at Macquarie Bank who warned the Abbott-Turnbull Government’s cuts to the pension would create an “assets test black hole”.
This is hypocrisy of the highest order from Scott Morrison.
At every step Mr Morrison has sought to cut support to pensioners and slash incentives for Australians to save for their retirement.
THURSDAY, 24 SEPTEMBER 2015