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Call on Albanese Labor government to double earnt income amount for pensioners and veterans that choose to work more
The Dutton government would support older Australians, who choose to work more, by doubling the amount of income age pensioners and veteran service pensioners can earn without reducing pension payments.
Doubling the amount of income age pensioners and veteran service pensioners can earn without reducing pension payments will make it more worthwhile for older Australians to pick up an extra shift or work extra hours and help small and regional businesses deal with labour shortages. The Leader of the Opposition the Hon Peter Dutton MP calls on the Albanese government to implement the policy immediately to help relieve pressure on a very tight labour market.
The proposed change is expected to have a cost to the Budget of $145 million in 2022-23 for age pensioners and veteran service pensioners
Receiving maximum payment
Mr Dutton said, "Employers can't find staff - thousands of jobs across hospitality, agriculture, tourism and retail remain open. This policy ensures that pensioners and veterans, who want to work, are not financially penalised. It puts more money into their pocket. There are around 80,000 age pensioners and veterans who are choosing to work who will likely benefit from this change."
Currently, age pensioners and veteran service pensioners can earn $300 of income each fortnight without impacting pension payments. Under the proposed change, age pensioners will be able to earn up to $600 a fortnight and still receive the maximum pension payment.
Ease cost of living pressures
Pensioners will continue to accrue unused pension work bonus amounts up to a maximum of $7,800, which can exempt future earnings from the pension income test. Well targeted policy, designed to increase labour supply, will ease workplace shortages and put downward pressure on inflation and interest rates.
Labor's big spending agenda, which includes $18.3 billion of direct spending, and $45 billion in off-budget funds, and ill designed policies, which discourage Australians from working and earning more, will achieve the opposite: put upward pressure on inflation and interest rates.
The Dutton government would review, on an annual cycle, the merits of extending the policy change to future years taking into account changes in overseas net migration levels, the unemployment rate and the workforce participation rate. The Labor government must outline its plan to ease cost of living pressures and put downward pressure on inflation. Australians can't afford to wait for Labor to get its act together.
Pictures from Russell Broadbent MP Facebook page.
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