Issues that concern Australian seniors take centre stage in this federal election. The Labor Party promises reforms that could improve the life of the retirees and their families and the Coalition seeks re-election by banking on their achievements and continuity of their plans.
Retirement Essentials has summarised the plans of the two opposing parties so you can decide how to cast your vote.
1. Spotlight on Aged Care
Labor is offering
Liberal is offering
Stronger, more sustainable, more transparent and easier access through the Living Longer, Living Better (LLLB) reforms
Expansion of health care services in the community, at home and in residential aged care
Quality aged care workforce
Invested an extra $1 billion a year in aged care services since 2013 and have continued record investment through the 2018/19 Budget’s $5 billion boost over the next four years
Deliver more support for older Australians with $552.9 million increase to aged care funding including the release of 10,000 high-level home care packages within weeks
National action plan to reduce the number of younger people living in residential aged care
Reduction of the daily maximum fees payable by up to $400 per year for level 1 packages, $200 a year for level 2 packages and $100 a year for level 3 packages
Investment of $101.9 million to increase the Viability Supplement for eligible residential aged care providers
$30 million commitment to develop a network of Veterans’ Wellbeing Centres to take care of Australia’s veterans and their families
2. Spotlight on Retirement Planning and Superannuation
Labor is offering
Liberal is offering
Protect the pension through the Pensioner Guarantee that safeguards government pensioners and allowance recipients from the abolition of cash refunds for excess dividend imputation credits
Create a regulatory framework that facilitates the offering of better retirement income stream products for those entering retirement
Protect the rights of older Australians in physically demanding jobs
Supports nationally consistent retirement village legislation with stronger consumer protections
Support older Australians to reskill as they transition through phases of work and into semi-retirement and retirement
Lift retirement incomes fairly and take pressure off the Age Pension
Investigate and implement strategies to improve women’s retirement incomes
Lower the annual non-concessional contributions cap to $75,000
Further lower the High Income Superannuation Contribution threshold to $200,000
Reverse the introduction of catch-up concessional contributions and changes to tax deductibility for personal superannuation contributions
Invest more than $400 million to boost the superannuation balances for women and low-income earners
No new taxes on superannuation
Widening choices in later years through an expanded pensions loans scheme, giving around 1.8 million Australians the option to boost their income by drawing down on more of the equity in their own home
Wage subsidies and training incentives for mature aged workers
Improve flexibility of the superannuation system by allowing part time workers to contribute to their super
Protect and expand access to self-managed super, with a plan to extend the max size of self-managed super funds from four to six members enable more families to take control of their retirement savings
Allow contributions to super from the proceeds of downsizing, up to $300,000 for eligible Australians aged 65 and over
Help maximise returns for retirement by continuing to give self-managed super funds the flexibility to borrow on a non-recourse basis
$2.8 billion Better Hospital’s Fund will benefit every hospital and every patient in the country
Commitment to pay for more than 62,000 cataract procedures or 9,800 knee replacements or 9,400 hip replacements
$600 million towards eliminating all out of pockets costs for diagnostic imaging with up to six million free cancer scans funded through Medicare
Improve Medicare and Centrelink services and cut waiting times for pensioners, carers, students and social security recipients across Australia.
Invest $2.4 billion in a Pensioner Dental Plan – giving up to three million Australian access to free dental care
$1.1 billion investment into Primary Health Care as well as sustaining the current incentive for General Practitioners (GPs) to treat seniors living in residential aged care
$185 million investment into research in ageing and dementia
Financial boost for several health areas including a $5 million investment to educate people about the recent changes to the tiers of private health insurance
Additional medicines are now included in the Pharmaceutical Benefits Scheme (PBS) as a result of the budget including important prescription drugs for the treatment of kidney, bladder, liver, and skin cancer. Besponsa, a medicine used for the treatment of acute Leukaemia, is also now added in the PBS.
Invest a further $6 billion in Medicare over the next four years
50% of Australia’s electricity generation to come from renewable energy by 2030
Abolish outdated standing offers and replace them with a new default offer consistent across retailers
Introduction of one-off Energy Assistance Supplement for pensioners ($75 for singles and $125 for couples) designed to help the elderly with expensive electricity bills
Your vote lets the people in our government know how you stand on these important issues. Let’s make sure the government continues to work hard to make Australia a better place for all of us.
Also let us know in the comments section how you feel about the plans and policies proposed by the two main parties.
22 Comments
Sandra
on May 13, 2019 at 6:29 pm
I am not voting Labor going 2nd Last on my ballot and not 1 labor greens and independents on my senate ticket
No where do you mention that labor’s policy means that younger Australians will no longer have the same negative gearing benefits or franking credits benefits when they get older.
Why do wealthy people need handouts from the government at all? Handing out cash to people who do not need help is a gross misappropriation of funds.
Take eg., the offer of loans to boost the pensions of people who own their own homes? It’s not the people who own their own homes who need the help!! Hello. Just another example of ‘looking after the top end of town’. Boosting rent assistance for pensioners who don’t own their homes makes far more sense, along with providing adequate basic housing for the homeless.
Any government that provides for the wealthy over the needy, along with failing to provide adequate hospital/health services, is failing dismally.
Today’s younger generation will all retire on healthy superannuation savings, unlike many of today’s elderly.
The crack down as you describe it is to tax only those self funded retired persons that do not rely on any welfare, and had the impertinence to invest in Australian companies that earn their profits in Australia. As share holders and part owners of these companies they receive the distributed profits that have been already taxed. However if you are unfortunate enough to be in a position of not having to pay tax this tax credit is of no use to you with labors promise.
What is it with humans our greed and self importance If only we could think outside of the box and look after one another it would benefit everyone. But such a small minority has such control greed and power.And no amount of money is enough Good people do not seem to notice
Many old people seem to be paying too much for their phone plan eg a couple of over 85s are paying $175 monthly to Telstra for just their two mobiles and can’t understand what to do. They are scared to do anything because it will mean doing something they don’t understand and may lose their important phone contact with doctors ambulance etc. Any government hand out in this election pales into insignificance to their phone bill. It’s a retirement essential for these people to be saved from phone companies?
In response. My understandinggative gearing will be available but not on new homes only existing homes. Also it is available if the purchase is for investment on the rental market. Correct me if I am wrong.
Negative gearind will only be on new built homes from jan 1st 2020 old homes purchased after jan 1st are not eligible for negative gearing and the 50% tax offset reduces to 25% with labour
if labour get in , you will see our pension become less , no ability to grow wealth before retirement . So those in the next 20 years & further will live on the pension with nothing left to help our grand kids.Be locked up in our houses & at the beck & call of hand outs
No one is mentioning about increasing the pension payments, nor increasing
the amount you can earn without loosing the pension.
In most of European countries you can earn as much as you want without loosing your pension as long as you pay taxes from your earnings.
Why cant we have this here?
Trying to navigate the messaging in an election build up is difficult so this is welcome. However your overview leans to the right and doesn’t present the most balanced perspective. I’m a swinging voter so I am always looking for both sides of the story. Case in point is Labor’s Aged Care policies – no mention of improved staffing initiatives, RNs on site 24hrs etc. Important stuff. All parties need to be held to account, objective assessments are imperative. Similarly negative gearing – you state that Labor will limit negative gearing on new housing. This is inaccurate – negative gearing is proposed to be limited to new housing only. As I’m reading this guide I find myself asking – is this the full story? or more electioneering…?
The blanket statement of Labor policy that retirees will continue to receive their Franking Credits is not true. Retention of Franking Credits will ONLY apply to people who were receiving a Government Pension as at 19th March LAST YEAR.
Always about the age pensioners,what about the self funded retires who did the right thing ,by saving for their future and not be a burden on our system, i cannot get a health card because i worked till i was 75 years and saved for my family future.
It’s a no brainer who to vote for. Labor has tried to buy the election with a spend that will never happen. I only hope that the next generation don’t fall for the climate change crap that labor have based the election on. We will do our bit but will not make a fraction of a difference if it is not followed globally . It has to be called out for what it is! Unfortunately nobody has the guts to do this. Why haven’t we had the so called scientists on Q&A to face questions? Because Q&A don’t like the truth.
Labor is saying the on immigration, that they will increase Immigration and will make the boat people still in detention on Nauru Australian citizens. The Liberals are saying the opposite.
It is evidently clear the great divide between the two main parties, Labor seek to address the ever widening gap between the greedy rich (not all rich are greedy) and the vast majority of decent Australians of all ages. Labor offers solutions (some will fail). The LNP offers bribes, lies and fear/smear. However the only fear I hold is that the LNP do form another climate change denying, dysfunction right win junta like we have endured for the last six (6) lost opportunity years.
The abolition of franking credit refunds will diminish the income of self-funded retirees who have planned their retirement in accord with the law and invested in Australian companies which have already been taxed. How many of these will then draw upon government pensions to greater or lesser extent? Isn’t this disfunctional?
The history of Labour governments in both State and Federal environments has cosistently left budget deficits for the Coalition to recover and here we go again under a leader who has been described as an unreliable witness in court and accused of shady deals not to the best interests of union members.
I am not voting Labor going 2nd Last on my ballot and not 1 labor greens and independents on my senate ticket
Do not trust bill shorten to stick to his policies.
I will be voting liberal
No where do you mention that labor’s policy means that younger Australians will no longer have the same negative gearing benefits or franking credits benefits when they get older.
D’uh!?! Isn’t that obvious ???
Why do wealthy people need handouts from the government at all? Handing out cash to people who do not need help is a gross misappropriation of funds.
Take eg., the offer of loans to boost the pensions of people who own their own homes? It’s not the people who own their own homes who need the help!! Hello. Just another example of ‘looking after the top end of town’. Boosting rent assistance for pensioners who don’t own their homes makes far more sense, along with providing adequate basic housing for the homeless.
Any government that provides for the wealthy over the needy, along with failing to provide adequate hospital/health services, is failing dismally.
Today’s younger generation will all retire on healthy superannuation savings, unlike many of today’s elderly.
Hopefully Shorten won’t get in and his party will learn an important lesson to not to treat voters with contempt
The crack down as you describe it is to tax only those self funded retired persons that do not rely on any welfare, and had the impertinence to invest in Australian companies that earn their profits in Australia. As share holders and part owners of these companies they receive the distributed profits that have been already taxed. However if you are unfortunate enough to be in a position of not having to pay tax this tax credit is of no use to you with labors promise.
These are the people that are not a burden on the pension system.
What is it with humans our greed and self importance If only we could think outside of the box and look after one another it would benefit everyone. But such a small minority has such control greed and power.And no amount of money is enough Good people do not seem to notice
Many old people seem to be paying too much for their phone plan eg a couple of over 85s are paying $175 monthly to Telstra for just their two mobiles and can’t understand what to do. They are scared to do anything because it will mean doing something they don’t understand and may lose their important phone contact with doctors ambulance etc. Any government hand out in this election pales into insignificance to their phone bill. It’s a retirement essential for these people to be saved from phone companies?
In response. My understandinggative gearing will be available but not on new homes only existing homes. Also it is available if the purchase is for investment on the rental market. Correct me if I am wrong.
Negative gearind will only be on new built homes from jan 1st 2020 old homes purchased after jan 1st are not eligible for negative gearing and the 50% tax offset reduces to 25% with labour
if labour get in , you will see our pension become less , no ability to grow wealth before retirement . So those in the next 20 years & further will live on the pension with nothing left to help our grand kids.Be locked up in our houses & at the beck & call of hand outs
No one is mentioning about increasing the pension payments, nor increasing
the amount you can earn without loosing the pension.
In most of European countries you can earn as much as you want without loosing your pension as long as you pay taxes from your earnings.
Why cant we have this here?
It dosent take a genius to see what side of politics this article is geared to I will make my own decision Not all the information is in this article
Trying to navigate the messaging in an election build up is difficult so this is welcome. However your overview leans to the right and doesn’t present the most balanced perspective. I’m a swinging voter so I am always looking for both sides of the story. Case in point is Labor’s Aged Care policies – no mention of improved staffing initiatives, RNs on site 24hrs etc. Important stuff. All parties need to be held to account, objective assessments are imperative. Similarly negative gearing – you state that Labor will limit negative gearing on new housing. This is inaccurate – negative gearing is proposed to be limited to new housing only. As I’m reading this guide I find myself asking – is this the full story? or more electioneering…?
The blanket statement of Labor policy that retirees will continue to receive their Franking Credits is not true. Retention of Franking Credits will ONLY apply to people who were receiving a Government Pension as at 19th March LAST YEAR.
Always about the age pensioners,what about the self funded retires who did the right thing ,by saving for their future and not be a burden on our system, i cannot get a health card because i worked till i was 75 years and saved for my family future.
It’s a no brainer who to vote for. Labor has tried to buy the election with a spend that will never happen. I only hope that the next generation don’t fall for the climate change crap that labor have based the election on. We will do our bit but will not make a fraction of a difference if it is not followed globally . It has to be called out for what it is! Unfortunately nobody has the guts to do this. Why haven’t we had the so called scientists on Q&A to face questions? Because Q&A don’t like the truth.
Labor is saying the on immigration, that they will increase Immigration and will make the boat people still in detention on Nauru Australian citizens. The Liberals are saying the opposite.
It is evidently clear the great divide between the two main parties, Labor seek to address the ever widening gap between the greedy rich (not all rich are greedy) and the vast majority of decent Australians of all ages. Labor offers solutions (some will fail). The LNP offers bribes, lies and fear/smear. However the only fear I hold is that the LNP do form another climate change denying, dysfunction right win junta like we have endured for the last six (6) lost opportunity years.
The abolition of franking credit refunds will diminish the income of self-funded retirees who have planned their retirement in accord with the law and invested in Australian companies which have already been taxed. How many of these will then draw upon government pensions to greater or lesser extent? Isn’t this disfunctional?
The history of Labour governments in both State and Federal environments has cosistently left budget deficits for the Coalition to recover and here we go again under a leader who has been described as an unreliable witness in court and accused of shady deals not to the best interests of union members.