The pension age is already high enough

In the light of Scott Morrison’s latest exercise in jettisoning unpopular commitments, in this case the proposal to raise the pension age to 70, I thought I would relink this piece on the Intergenerational Report, from the Abbott-Hockey era. The crucial observation is that, had the increase gone ahead, it would have cancelled out all of the increase in conditional life expectancy at pension age for women since the pension was introduced back in 1907, and most of the increase for men. The only real problem in retirement incomes policy is the lavish concessional treatment of superannuation.

30 thoughts on “The pension age is already high enough

  1. Getting people to on average to 100 = maybe possible
    Getting people to live forever until they are squished = Looks doable
    Getting people to live until they are 150 = next to impossible

    Getting people to live to 150 is so incredibly difficult I don’t see how it would be possible to do that without making people capable of living more or less forever barring accidents. But getting people to live to an average of 150 would be a really weird place to stop. Unless the assumption is people can potentially live forever but the future is more dangerous than developed countries are today.

    But living forever shouldn’t be too difficult to do. We just need to get rid of lousy stuff like DNA and human cells or just legally define a person as being a collection of ones and zeros on a floppy disk. (This could be a fairly specific collection of ones and zeros or it could be any collection of ones and zeros, in which case the population would suddenly boom.)

  2. Leave welfare alone. Instead, let’s have some attempt to mollify the money addiction called greed at the top.

    In the end, such people are no different to drug addicts.

  3. The real problem is welfare for the well-off. There is much more corporate welfare and welfare for the rich then there is for the poor. See:

    “Tax concessions to wealthy costing six times the dole: Anglicare” – ABC

    ” Key points:

    – Major tax concessions cost the federal budget around $135 billion a year in lost revenue
    – The four biggest welfare payments cost the government around $124 billion
    – Around half the tax concessions flow to the wealthiest 20 per cent, while only $6.1 billion went to the bottom 20 per cent”

    Then there is the issue of corporate tax avoidance. Not only do corporations expect corporate welfare they also expect to pay no or minimal tax. And they are largely successful in this endeavor.

    The world’s and Australia’s economic system is now so bad we can quite validly say we have entered the era of systemic crony capitalism.

  4. Icon, apparently those Anglicans in their report did not include the massive tax concessions and subsidies paid to organised religionists. Perhaps another $50 billion there.

  5. Re welfare for the well-off: this just reflects the ideologies of politicians in a far worse way than you think now.
    They decide to give this welfare for the well-off (WFTWO?) in whatever form it takes.
    Then they decide they can’t ‘afford’ to give any more welfare, so the poor, unemployed etc have to make do.
    That second decision is the problem in my mind.
    As a sovereign currency nation, Australia is constrained, not by dollars, but by resources.
    So the decision on the poor, etc could just as easily have been to give them better welfare.
    As could the decision to bring back free health care, free education etc
    As could the decision to stop selling public assets – while state governments are dollar-constrained, the federal government could buy/retain, or fund the states to buy/retain, those public assets.
    We wouldn’t be discussing electricity prices now if this had happened.

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