In his Federal budget speech delivered last night, the Treasurer Josh Frydenburg outlined numerous measures aimed at rebuilding a Covid-devasted economy by creating and supporting jobs and encouraging spending. So what were some of the highlights?
- Job Maker credits. These will encourage employers to hire people under age 35 who are currently on Job Seeker by providing up to $200 per employee per week
- Tax cuts for low and middle-income earners. This will work out to about $20 per week for lower-income earners.
- An increased focus on mental health with numerous packages including a doubling of the Medicare subsidised psychologist visits
What’s in it for Seniors?
There were some wins for Seniors
- Age Pensioners and Commonwealth Seniors Health Card (CSHC) holders will receive two $250 payments over the next few months. The first $250 payment will be made from December and the second from March 2021.
- The eligibility date for the first payment is the 27th of November
- the eligibility date for the second payment is the 26th of February
- There will be an additional 23,000 new home care packages at a cost of $1.6 billion enabling more older Australians to stay in their own home rather than entering nursing homes
- Some Seniors, including CSHC holders could see some benefits flowing through from the tax cuts. For example, someone with a taxable income of $30,000 would have a tax saving of $255
- There will be an increase in the low income tax offset from $445 to $700 and retention of the Low and Middle Tax Offset for the 2020-21 financial year (this was to be phased out as at 1 July 2020). If you are entitled to any offset, it is calculated by the ATO once you have lodged your tax return.
This has all come at an enormous cost with the budget deficit ballooning to $214 billion and gross debt growing to $1.1 trillion next year. Seniors might have hoped for a bit more given the freeze in Age Pension rates but in this economy, the cash payments are still a welcome boost. We’d love to hear your views on whether the budget delivered for Seniors. You can add your comments below.
We live in a very comfortable and secure unit an d we are very interested in the 23000 help or aid for seniors to stay in their own home rather than a retirement body.
We may have to move into a retirement establishment in the near future because of difficulties within our unit but would dearly love to stay put if we can receive some sort of small assistance with monetary.
You work for 50 years and when you get to pension they treat like your a leper on society, through this pandemic the unemployed doubled there income and now some do Goodes are saying you can’t cut it because they can’t survive on less they shouldn’t have got extra in the first place while pensioners get a couple of $750 and now 2 x $250 in the next 6 months while the unemployed get a reduction ( whoopsie) most pensioners worked for 50 or more years and they have to survive on $950 a fortnight . You see the anguish on some pensioners when they struggle , I’m lucky I have a little to keep me going but if pension rates don’t rise to a much higher rate there will be even bigger problems to come very soon.
I get a carers allowance as well as an aged pension so does that mean I get 2 payments of $250 in Dec and 2 in March or just 1 payment in each month
Hi Sue. That would be nice but based on past practice you will only be receiving 1 payment in December and 1 more in March
Self funded retirees once again miss out by the looks of it!!
Normally l wouldn’t be too fussed about this but considering self funded retirees are getting very little or nothing on their self funded investments, it’s very unfair that we don’t cost the country anything because of being self funded and then when all the handouts happen, we lose out with that as well!
I am a 63 yrs old female, I don’t have a partner. After 18 years working for the same company management decided to make me and other employees redundant. I received a text message while on holidays. I was asked to stay and train the 21 yr old who replaced me. I got my marching orders in April 20 during the Covid. I can’t get jobkeeper or jobseeker because I have to live on my redundancy until every cent is gone on living. The Govt doesn’t take into consideration i have to buy a computer and set myself up to do courses and other expenses associated with trying to get a job at 63.I wouldn’t have had these expenses normally and I don’t have any other money coming into my home. I have to live off my redundancy until Feb 2022. I am in a unit but still have a substantial mortgage so i am desperately trying to get a job. If I don’t get a job I will become homeless. My Super will not cover my mortgage. In normal situations I would be able to get a job. Covid has affect unemployed older people with redundancy as well. The budget does nothing to help us who are not old enough for a pension but can’t compete for jobs due to our age. Don’t want a hand-out just a job.
Gaye
Could you not put the redundancy payment into paying your mortgage down? That way you would have no money in the bank and be able to claim jobseeker. Just a thought