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Australians shouldn't expect age pension, says Treasurer

Treasurer Scott Morrison
Treasurer Scott Morrison AFP PHOTO - William West

AUSTRALIANS should not simply expect to receive an age pension, says Treasurer Scott Morrison, as he flags major changes to how all workers prepare for retirement.

In a speech last week, Mr Morrison emphasised that the pension was intended only for those who did not have the capacity to properly save for retirement, not for everyone.

He also said the government would next year make changes to the superannuation system through legislation, to make clear that it is about helping Australians have an "independent retirement".

According to Fairfax, Mr Morrison said: "Becoming a self-funded retiree, I think, is one of the most important objectives of any Australian … it means you have choices and control over your life and your care".

He described the age pension as a "safety net", particularly for those who leave the workforce to have children or act as carers.
 

Should everyone be entitled to an age pension?

This poll ended on 30 December 2015.

Current Results

Definitely. I have paid taxes my whole life, why should I be punished for my success?

44%

Only up to a point, why should my taxes go to Australia's richest people who don't need it?

41%

No, we need to encourage people to save for their own retirement

9%

We should scrap it all together and spend the money building a better Australia

3%

I don't know enough about this

1%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

Mr Morrison also said it will be Australia's richest who will have to cough up for a better superannuation system.

It would mean limiting the amount of money people can put into their super at a lower tax rate.

An inquiry into the system last year found just 10% of Australians benefited from 38% of superannuation tax breaks, more than the total benefit to Australia's bottom 70%.

Changes to how superannuation would be handled were ruled out by the Coalition under the leadership of Tony Abbott and then-Treasurer Joe Hockey.

At the time, the government said there would be "no unexpected or adverse changes to super taxes".

WHAT DO YOU THINK ABOUT THIS? IS IT FAIR THAT THE PENSION IS ONLY INTENDED FOR THOSE WHO DO NOT HAVE THE CAPACITY TO SAVE FOR RETIREMENT? OR SHOULD IT BE FOR EVERYONE?

JOIN OUR DAILY WATERCOOLER BY LEAVING A COMMENT BELOW.
 

Topics:  editors picks scott morrison treasurer


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