Like what you've read?

On Line Opinion is the only Australian site where you get all sides of the story. We don't
charge, but we need your support. Here�s how you can help.

  • Advertise

    We have a monthly audience of 70,000 and advertising packages from $200 a month.

  • Volunteer

    We always need commissioning editors and sub-editors.

  • Contribute

    Got something to say? Submit an essay.


 The National Forum   Donate   Your Account   On Line Opinion   Forum   Blogs   Polling   About   
On Line Opinion logo ON LINE OPINION - Australia's e-journal of social and political debate

Subscribe!
Subscribe





On Line Opinion is a not-for-profit publication and relies on the generosity of its sponsors, editors and contributors. If you would like to help, contact us.
___________

Syndicate
RSS/XML


RSS 2.0

Saving and the aging population

By Yvonne Zardani - posted Saturday, 15 December 2001


How do these actions encourage either self-reliance or saving?

In its haste to support government policies, the Reserve Bank continues to cut interest rates to the benefit of big business and people who can afford to buy their own homes but to the detriment of many older people who rely on interest earned on meagre retirement savings to maintain the most basic of living standards.

The niggardly pension of just 25 per cent of average male weekly earnings, when fiddling of the dates and payments allows payment of the full 25 per cent, is barely a living wage that does not allow for a terrific quality of life.

Advertisement

Compounding this poor economic standard has been the impact of the GST on ALL pensioners, those on disability and single-parent pensions as well as those on the age pension, yet only aged pensioners over the age of 65 received any compensation for the impost and impact on living standards of this most iniquitous of taxes.

Disability pensioners and single-parent pensioners received no compensation at all while those on unemployment benefits were also overlooked.

With government policies pushing wages down through industrial policies that favour corporate downsizing and the elimination of full-time positions in favour of casual, part-time and short-term contract positions, there is little hope of any increase in savings levels in Australia in the foreseeable future.

Coupled with the rising prices of processed products both through the GST and corporate sleight of hand, there is emerging a significant increase in the 'new poor' as evidenced by reports emanating from the major welfare agencies on this subject.

With the return to power of the person referred to during the election campaign as the 'Evil Gnome', and with the 'economic clown prince' in charge of the economy for another three years, we can hardly expect any real concern to be demonstrated, or changes made, for the benefit of the little people.

Indeed the very opposite is the most likely scenario as revealed in a Government Ministerial Submission (Submission No. 8676) leaked during the election campaign period.

Advertisement

The document makes clear that the Coalition's post-election Expenditure Review Committee in February 2002 will be held:

"...in an environment where the objective will be significant funding cuts." (p2)

This submission relates specifically to new funding models for the Government's social security delivery agency, Centrelink, and clearly indicates that the Coalition's budget razor gang will be focussed on 'significant cuts' post election.

  1. Pages:
  2. 1
  3. Page 2
  4. 3
  5. All


Discuss in our Forums

See what other readers are saying about this article!

Click here to read & post comments.

Share this:
reddit this reddit thisbookmark with del.icio.us Del.icio.usdigg thisseed newsvineSeed NewsvineStumbleUpon StumbleUponsubmit to propellerkwoff it

About the Author

Yvonne Zardani OAM is Queensland State Secretary of the Australian Pensioners and Superannuants' League.

Other articles by this Author

All articles by Yvonne Zardani
Related Links
Australian Pensioners and Superannuants' League
Centrelink
Photo of Yvonne Zardani
Article Tools
Comment Comments
Print Printable version
Subscribe Subscribe
Email Email a friend
Advertisement

About Us Search Discuss Feedback Legals Privacy