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Grattan Institute report points to where we should focus more attention for older Australians

The Money in retirement: More than enough report has found that most Australians will have sufficient savings and income into retirement, while those at risk of retiring in poverty are older Australians in the private rental market.

“This report really puts into context Mr Morrison’s comments that he would give an increase to pensioners before people on Newstart. Mr Morrison should not be playing off one group of people on income support against another, Australian Greens spokesperson on Ageing Senator Rachel Siewert said.

"Many older Australians who do not own their own home and have to rent in the private market are at significant risk of poverty. Mr Morrison should focus on what would help people at risk. 

“We need to make sure that older Australians have access to affordable housing and that people struggling to survive on Newstart get an increase in the payment.  

 “This problem will be worse for future retirees experiencing financial stress in retirement because younger generations on lower incomes are less likely to own their own home.

“If we don’t help people now, we will just end up with a generation retiring into poverty.

"A large number of people on income support are older people who have had to use up all of their savings before they could even get on Newstart and now they struggle in poverty on $38 a day and will retire with no savings in the private rental market.”

Media Contact:
Lucy Cowcher-Guthrie: 0418 401 180

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