As people most likely know, from 1 January 2017 some 327,000 pensioners have had their pensions adversely affected by changes in the assets test with around 100,000 losing their pensions entirely. Around 50,000 more will have their pensions increased to receive the full pension. The government is doing this to save $2.4 billion over four years, and, they say, to make the pension system more fair and sustainable.
Unfortunately proponents of the changes are framing this as about wealth, whereas it is actually about income. They are also saying that the changes are progressive, whereas the wealthy go completely free and the ones hit are actually hovering close to poverty, when you consider their income. Continue reading ‘Wealthy’ pensioners pinged