Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

ScoMo: ‘We’ve addressed the challenges of ageing’

challenges of ageing, economy, Australia's population

A targeted migration program, incentives to work longer and the removal of tax barriers will be essential in addressing the economic impact of Australia’s ageing population, the Treasurer has argued.

Australia is not alone in possessing an ageing population, but according to Treasurer Scott Morrison, not only is this good news (“cheer up!”), it’s also been addressed.

Speaking in Sydney at a Council on the Ageing (COTA) event this morning, Mr Morrison said dealing with Australia’s ageing population has “been a key part of our plan”.

“As part of this year’s plan for a stronger economy we have addressed the challenges of ageing on our economy but more broadly,” he said.

Advertisement
Advertisement

“It involves ensuring that choice and opportunity, and the ability for all Australians to build their aspirations for a longer and healthier life – engaged, informed and empowered – all of these are realised.”

Mr Morrison said an ageing population shouldn’t be considered an “economic curse” or an “inescapable drag”, as long as the risks are properly managed.

He said Australia’s targeted migration program has, and will continue to be, critical in mitigating the impacts of a growing body of non-working adults.

Pointing to Treasury’s Shaping a Nation report, he said migration has helped boost Australia’s participation rate and “slowed the impact of ageing on our economy, allowing the economy and society time to adjust and provision for a society where fewer people are working and delivering income tax revenue, but increasingly drawing on government services”.

At the same time, the budget’s allocation to increasing older Australians’ workforce participation will be crucial.

“While there are some age-based limitations within workers compensation schemes, this is not universal. Employers should also know that we are reviewing these limitations because employment frameworks need to facilitate employment, not impede it,” Mr Morrison said.

He said employer incentives and the removal of tax barriers are also critical, pointing to the increase in the Pension Work Bonus and the Pension Loans Scheme, both allowing pensioners to work without suffering significant tax impacts, as outlined in the budget.

Mr Morrison argued it all comes back to building an aspirational society.

“Choice and opportunity should also not retire. We will continue to enliven and encourage people to realise their aspirations at whatever age they may be,” he said.

ScoMo: ‘We’ve addressed the challenges of ageing’
challenges of ageing, economy, Australia's population
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Dr Terry Dwyer, Dwye... - I am amazed by these comments. The effects will be subtle but pervasive. It will have a huge effect on superannuitants in pension mode as with low.......
Anonymous - Someone with 1.6M in their SMSF might lose 30% of their retirement income. Someone else with 6.6M in theirs will lose much less by using the franking.......
Dr Terry Dwyer, Dwye... - If it were just limiting the exempt current pension income exemption to a tax-free threshold and forgetting about removing franking credit refunds,.......
Anonymous - Well technically stolen bitcoins end up in the wallet of the Scammer or person who stole them. ....