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Featured Profile
Brian Redican
CHIEF ECONOMIST
NEW SOUTH WALES TREASURY CORPORATION
NEW SOUTH WALES TREASURY CORPORATION
What makes an economist an economist? TCorp chief economist Brian Redican reflects on over three decades of navigating Australia's economic cycles. Riddhima Talwani writes.
Mr Rundeman of IOOF says that in addition to loss of the pension, mid-range wealth retirees will have '$600 to $700' of additional expenditure' through loss of concessional benefits.
State benefits vary from state to state but to take NSW as an example, I estimate that the loss to me and my wife of the pension will cause an additional expenditure of at least $2000-$2500 per annum through loss of other benefits.
For example: Car registration (now free) +$350; Water charges (pensioner rebate) p.a. +$600; Rates (pensioner rebate) p.a.+$250; doctor (loss of bulk billing) (4 visits each p.a.) + $200, medical procedures (regular scans for hip and DVD) (loss of bulk billing) +$250; loss of pensioner entertainment discounts for tickets (2 people) + $400. One of our few joys is the annual opera in the park for which pensioner tickets are almost half price. Attending in future would be $200 extra alone.
I have been very disappointed at the standard of debate and the ignorance of politicians on this issue. Just for starters no one ever takes into account that there is only one pension for a couple, but there two people who will have to pay.