The Coalition has come up with a simple solution to help pensioners struggling with soaring prices and fix the labour shortage at the same time.
Many Australians are currently doing it tough with steep rises in the cost of living, none more so than older Australians, but incredibly aged pensioners and veteran services pensioners are restricted in the amount they can earn before their pension payments are reduced.
The Liberal National Party supports older Australians, who choose to work more, by proposing to double the amount of income they can earn without reducing pension payments, making it more worthwhile for them to pick up an extra shift or work extra hours and at the same time help businesses deal with labour shortages.
It is estimated as many as 80,000 older Australians – pensioners and veterans – who choose to work would likely benefit from this change, ensuring that those who want to work are not financially penalised.
Currently, age pensioners and veteran service pensioners can earn $300 of income each fortnight without impacting pension payments.
Under the proposed change, age pensioners will be able to earn up to $600 a fortnight and still receive the maximum pension payment.
I call on the federal government to implement this policy immediately, to help relieve pressure on a very tight labour market.
Many employers across so many sectors – such as hospitality, agriculture, tourism, and retail – cannot find staff.
This policy would also help to put downward pressure on inflation and home loan interest rates.Â
The reality is that with the cost of living rising – such as petrol at more than $2 a litre; some foods almost unaffordable, for example $10 lettuces; and with sky-rocketing energy costs – everyone would appreciate more money in their pockets.
