POWERED BY MOMENTUM MEDIA
Labor looks to halt indexation changes
Labor has argued for a broad look at the retirement system instead of taking a "blunt instrument" like the indexation tool to take money out of fortnightly payments of Australian pensioners.
The comments come as Labor looks to move amendments to the age pension and superannuation bills to do away with the "cruel cuts" to pensions through the indexation changes, and the age pension increase to 70.
Speaking in the Senate yesterday, leader of opposition business Senator Claire Moore argued that regardless of what the government says about whether these are reductions or cuts, "people will have less money; to me that is a cut".
"Before the election, this Prime Minister promised Australian pensioners that there would be no cuts or changes to the pension, yet within these bills we see cuts to pension indexation which will undeniably diminish the living standards of age pensioners," Moore said.
Labor is seeking to Moore also said Labor will not support the move to end the pensioner education supplement or the pause to indexation of the income-test-free areas for pensioners.
"The pension indexation changes will impact on what people are able to get from their pension," Moore said.
"Treasurer Hockey admitted that the Abbott government's changes to pension indexation will result in massive cuts to the age pension, saying ‘in 2024-25, according to the Parliamentary Budget Office, instead of being $74.8 billion a year it is $67.9 billion a year'."
Recommended for you
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
