THREE YEARS SINCE LIBS ANNOUNCED INCREASE IN PENSION AGE TO 70

May 02, 2017


Three years ago today then Treasurer, Joe Hockey announced the Liberals’ plan to increase the pension age to 70. 

Increasing the pension age to 70 remains the Turnbull Government’s policy despite being unlegislated for three years.

The policy will mean that all Australians born after 1 January 1966 will have to wait until they are 70 before being eligible for the Age Pension.

It will also mean that Australia will have the oldest pension age in the developed world.

Labor has consistently opposed the Liberals plan to increase the pension age to 70.

In the 2014 Budget the Liberals also attempted to cut pension indexation – a cut that would have meant pensioners would be forced to live on $80 a week less within ten years.

In 2015 the Liberals did a deal with the Greens to cut the pension to around 330,000 pensioners by changing the pension assets test.  

In the 2016 Budget Malcolm Turnbull announced plans to scrap the Energy Supplement to 1.7 million Australians, including 400,000 new Age Pensioners.

Scrapping the Energy Supplement will mean a cut of $14.10 per fortnight to single pensioners or $365 a year. Couple pensioners will be $21.20 a fortnight worse off or around $550 a year worse off.

Mr Turnbull must drop his plan to increase the pension age to 70 and all of his unfair zombie cuts to pensioners from the 2017 Budget.

TUESDAY, 2 MAY 2017

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