Federal Budget 2020 submission

Summary Pension Adequacy: The Age Pension is important but not adequate for many older Australians, leading to poverty in retirement. Housing Issues: Market fails to deliver suitable housing for older people, impacting their quality of life. Aged Care Transparency: Lack of financial transparency in aged care providers, need for disclosure of spending. Retirement Income Reform: Calls for reform to make the retirement income system fairer and simpler. Home Equity Release: Utilizing home equity to fund health care services and assist family members in financial hardship. Means Testing: Pension means testing complicates retirement planning for part-pensioners and low-income retirees. Interest Rate Concerns: The Pension Loans Scheme interest rate is considered too high at 4.5%. Government Reform: Government urged to undertake reform to address faults in the retirement income system.