SUPPORTING PENSIONERS

Income Support for seniors is increasing by $6.5 billion – from $48.3 billion in 2019-20 to $54.8 billion in 2022-23.

Since the Liberal and Nationals Government was elected in 2013, pensions have increased by $135.90 per fortnight for singles and $204.80 per fortnight for couples.

To support pensioners during the pandemic, $750 payments were provided in April and July and further $250 payments were provided in December and will be in March 2021.

Older Australians have also been supported by a reduction in deeming rates (which are used to help calculate income from assets and eligibility for pensions).

BETTER HEALTH CARE

Federal funding for public hospitals will more than double compared to Labor – from $13.3 billion in 2012-13 to $29.1 billion in 2024-25.

This means record numbers of hospital services, doctors and nurses.

Nearly 143 million free GP services were delivered last year – 39 million more than in Labor’s last year.

Since we came into government, over 2,550 medicine listings worth $12.4 billion have been added to the Pharmaceutical Benefits Scheme.

These help people suffering from cancer, heart disease, epilepsy, spinal muscular atrophy and severe asthma.

We are also requiring private insurers to categorise products as: gold; silver; bronze; basic, and use standard definitions to make it clear what’s covered and what isn’t.

MORE SUPPORT FOR AGED CARE

The Government investment in aged care has grown from $13.3 billion in 2012-13, to $23.9 billion this year (2020-21).

To support senior Australians who wish to stay at home for longer the Government is providing an additional 23,000 home care packages.

This means the number of home care packages has now tripled with this Government, from 60,300 in 2013 to around 185,500 in 2021.

The Liberal and Nationals Government legislated for new Aged Care Quality Standards and has established the Aged Care Quality and Safety Commission.

The Morrison Government also established a Royal Commission into the Aged Care Sector. This will report in February and the Government will be providing a comprehensive response to its findings.

MORE CHOICES

To help encourage employers to hire older workers, we’re expanding access to the Restart Wage Subsidy for Australians over 50. This subsidy provides up to $10,000 to employers to support workers to continue their career.

We’re also removing hindrances to work. In 2019, we increased the Pension Work Bonus from $250 to $300 per fortnight and extended the Bonus to self-employed people.

We have also expanded the Pension Loans Scheme to all Australians of pension age, giving them the option to boost their income by drawing down on equity in their own home.

HELPING HOMEOWNERS WHO WANT TO DOWNSIZE

We are encouraging older Australians (over 65) who want to downsize, by enabling them to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.

MORE AFFORDABLE ELECTRICITY

While electricity prices doubled under Labor, we have begun to turn the corner on power prices.

ABS data shows that national electricity prices have dropped around 5.3% since December 2018 (to September 2020).

PROTECTING RETIREES

Labor’s Retiree Tax would have hurt retirees and low income earners, by abolishing tax refunds for share dividends.

This would have hiked taxes on 900,000 individuals, 200,000 self-managed super funds and 2,000 super funds. This would have led to more people relying on the Age Pension.

Most people that would have been affected were not wealthy. In fact, 84% of people who would have been impacted are on taxable incomes below $37,000.

The Liberal and Nationals Government can be trusted to keep tax refunds for franking credits.

Information current as at December 2020