Age Pension

(DRAFT POLICY)

  1. There be an immediate increase in the single Age Pension from 27.7% of Male Total Average Weekly Earnings (MTAWE) to 33% of MTAWE. This would mean an increase of approximately 20% in the Age Pension of $243 per fortnight for a couple and $161 per fortnight  for a single pensioner based on March 2017 rates.
  2. The Age Pension be legislated as a right (subject to income and asset tests) of all Australian citizens paid for by their taxes and contributions to the building of our great nation and no longer be considered as social welfare.
  3. The pension eligibility age be fixed at 65 years of age.
  4. The Age Pension must be fully funded by a fully transparent Age Pension income tax levy to be administered by an Age Pension Authority. The levy will be adjusted each year to reflect the funding requirements of age pensioners. When the levy is introduced, personal income tax rates will be reduced accordingly to produce a zero net taxation effect.