Even with the $6k cash payment she receives from the goverment, she is still receiving just on what the aged pension provides.
Aged pensioners, of course, have no such asset base.
In short, in Tim’s example, this retiree’s relative wealth is relatively unchanged.
This is what is throws people below the poverty line.
Given these tax ‘refunds’ to people who pay no tax costs us $5.9bn. This is more than the federal government spends on public schools.
Soon it will cost us $8bn.
Labor will give everyone a fair go.