Mike Symon (Deakin, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the government delivering new support for senior Australians in an economically responsible way? How does this build on the government's record?

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Deakin for that question, because the government are very proud of the support that we are providing to senior Australians. We do understand the importance of cost-of-living pressures for many retirees and people living on the pension. We are also very proud to have delivered the largest increase in the age pension in over 100 years. We did that in an economically responsible way, but it was something that those opposite could not deliver over 12 years in office. We made room in our budget; we changed our priorities because senior Australians were our priority. Of course, we are now seeing increases to the maximum rate again of $35.80 a fortnight for single pensioners and $54 a fortnight for pensioner couples. Building on those big reforms of September 2009, the pension has increased by more than $200 a fortnight.

It is not just what we are doing with the pension; it is also what we have done with the tax-free threshold. This is of enormous benefit to many seniors and self-funded retirees—people on relatively low incomes. It delivers a huge benefit to part pensioners and also some self-funded retirees. It really ought to be remarked upon: this has been a fundamental reform not just in terms of workforce participation for many low-paid workers but for many low-paid retirees as well—a very significant benefit.

Of course, you do see a very stark contrast between what this side of the House has done and what the other side of the House are about to do. They are about to get stuck into the pensioners yet again, because that is in the Liberal Party DNA. What they want to do is rip away $350 a year from single pensioners and $530 a year from pensioner couples. That is $1 billion a year from older Australians and it is deeply irresponsible, but that is the policy of those opposite.

But you can only put in place these policies if you put in place a responsible economic policy. If you have got a medium-term fiscal strategy that you adhere to, if you keep your economy growing, if you put in place the very big reforms to ensure prosperity tomorrow, if you put in place the policies that deal with the ageing of the population, all these things are possible. But of course those opposite are following the Newman principle—they have got this commission of audit. That commission of audit is only about hiding the truth, not bringing out the truth, because the truth is that, given their $70 billion hole in their budget bottom line, it is going to be pensioners and many other people on low incomes and many workers who are going to lose their jobs if they are in office.