Thursday, 8 September 2022
Statements by Members
Pensions And Benefits
Pensioners across my electorate of Corangamite are celebrating the Prime Minister's announcement that age and veterans' pensioners will be able to earn an extra $4,000 over this financial year without losing any of their pension. Many pensioners had been calling for this change for some time, and it makes good sense. It will certainly benefit a large percentage of pensioners who live in my electorate and have retired to the Bellarine or Surf Coast. Although they've retired, lots of pensioners want to continue to contribute to the workforce and their community, but the impact on their pension has prohibitive this.
But no longer. The Albanese government will now provide a one-off income credit designed to give older Australians the option to work and keep more of their money. Following the successful Jobs and Skills Summit, an immediate $4,000 income credit will be added from December to the income banks of age pensioners, to be used this financial year. This means pensioners can increase their earnings from a $7,800 to $11,800 this year before their pension is reduced. It's a win-win not just for pensioners but also for our labour market. Pensioners can work more, earn more, use their skills and stay connected while we boost the supply of labour to help address worker shortages. This is a great reform which pensioners in my electorate will embrace thanks to the Albanese government.