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keith101

No Increase to Aus Pension

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On 9/15/2020 at 6:32 PM, Lacessit said:

I don't know if I am wise, but i am running down my asset level progressively to minimize the effect of one of the eventualities you mention. Does make me wonder how many pensioners have cash or gold under their mattresses.

IMHO, that, depending on the assets, their value, and what you do with the proceeds, may a sub-optimal choice.

 

The pensioners with cash under their mattresses, or in the bank, will be sorely disappointed when the results of all the giveaway money and increasing public and private debt, namely inflation, kicks in.

Pensioners with gold will be far, far, far better off.

 

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On 9/13/2020 at 10:47 AM, Laza 45 said:

...yes.. and the $Au is looking better.. @ 22.79 Bt to the $ today.. 🙂  

22.88 today

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On 9/15/2020 at 5:43 PM, Fat is a type of crazy said:

They can find sneaky ways to cut things. The rebate for private health insurance was set at 30 per cent but subsequently  they, I think it was Tony Abbott,  introduced new rules so each year that 30 per cent goes down bit by bit. Each year it's only a small amount and you don't notice it but now its about 25 per for some and a lot less for others.   They might do the same with the pension. It's likely those in the system will be OK. The next generation will cop it.

They dont even have to be sneaky about it.

Simply ceasing pension increases, whilst not actually 'taking away' anything will reduce the debt burden on the national purse, as inflation eats away at the relative amount of the payments.

Don't forget where you saw this theory first.

It's a logical step.

 

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On 9/13/2020 at 10:27 AM, AussieBob18 said:

"However those living in Aus are going to get a $25 a fortnight covid payment until at least December"

 

That is from the OP and is what I was referring to. 

I still have not seen anything about that increase payment for pensioners due to Covid.

 

Meanwhile, those on the dole have been getting an extra $500 per fortnight for many months, and from end September those on the dole will get $250 a fortnight until end December (at least). 

 

Pensioners being ripped off yet again - unbelievable.

 

Nonsense, pensioners received a cash payment of 750 A dollars twice (covid supplement) that,s  why the increase has been cancelled I know I am a pensioner

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On 9/15/2020 at 8:27 AM, Lacessit said:

What side benefits? There's the energy, phone and rent supplements. The PBS discount.

Given the cost of electricity and rent in Australia, those supplements are a bit of a sick joke.

The last time I was in Australia, I was informed by Centrelink my PBS discount had been blocked. Verbal only, I have never seen anything in writing, or given any right of appeal.

No big deal, it's about $200 a year extra. But they are such stingy c##ts.

What are you talking about ? I do collect the OAP and I get 1065 AUD every fortnight I get electric allowances

rent allowances (sorry no phone) get cheap bus fares 2 trips on the train every year to different parts

of WA free, it is not 200 AUD per year, for me it is nearly 200 per fortnight. I can't complain at all.

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On 9/15/2020 at 10:07 AM, 4MyEgo said:

Correct when I do return which is more than likely at 65 to get the pension at 67, my investments will be deemed and subject to tax, however my investments will be equally split into both my wife's and my name so as to reduce the tax payable by me as a resident. 

 

I never knew that the OAP was taxable, that said, I learn something everyday and I am sure it will be minimal, that said, even if it was reduced by $100 a week, I would still be better off around $400 per week with other benefits applicable 🙂

 

The Age Pension forms part of your taxable income. However, if it is your only source of retirement income, you will pay no tax. If you're on the Age Pension, you also receive health benefits and reduced charges on rates, telephones, gas and electricity, car registration and public transport.

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6 hours ago, oznomad said:

They dont even have to be sneaky about it.

Simply ceasing pension increases, whilst not actually 'taking away' anything will reduce the debt burden on the national purse, as inflation eats away at the relative amount of the payments.

Don't forget where you saw this theory first.

It's a logical step.

 

For what its worth I really doubt this. Being outside Australia you might not see it but I think pensioners have more political clout than you give them credit for. A decision not to increase and A Current Affair and all the radio stations would be on the warpath. If liberals said no increase, and labour said keep the increase for example, I think it would be enough for labour would win.

If they were to limit increases they might use a  method similar to that they used ín 2015 where they changed the index to increase the pension from the higher of the CPI and Pensioner and Beneficiary Living Cost Index, and then benchmarked to average weekly earnings, to just the increase in CPI. That was aimed to save $450 million over 5 years.   As it happens wages haven't increased much so CPI increase has probably been pretty much as good. Haven't  got the figures though.

I think they might be more likely to change the age of eligibility which would affect future generations but not those currently getting it or those currently over 55. They might also tinker with the assets and income tests.  

Edited by Fat is a type of crazy

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5 hours ago, Fat is a type of crazy said:

For what its worth I really doubt this. Being outside Australia you might not see it but I think pensioners have more political clout than you give them credit for. A decision not to increase and A Current Affair and all the radio stations would be on the warpath. If liberals said no increase, and labour said keep the increase for example, I think it would be enough for labour would win.

If they were to limit increases they might use a  method similar to that they used ín 2015 where they changed the index to increase the pension from the higher of the CPI and Pensioner and Beneficiary Living Cost Index, and then benchmarked to average weekly earnings, to just the increase in CPI. That was aimed to save $450 million over 5 years.   As it happens wages haven't increased much so CPI increase has probably been pretty much as good. Haven't  got the figures though.

I think they might be more likely to change the age of eligibility which would affect future generations but not those currently getting it or those currently over 55. They might also tinker with the assets and income tests.  

Correct and they have been doing exactly that for a long time.

When I compare the rules and issues over 10 years ago to those of today, the difference is astonishing and all are negative. 

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