Save
Newstart rate sees older Aussies spend 7+ years in poverty
The ongoing poverty and dangerous financial security that is facing older Australians has led to an advocacy group’s call for an urgent increase to Newstart payments.
Newstart rate sees older Aussies spend 7+ years in poverty
The ongoing poverty and dangerous financial security that is facing older Australians has led to an advocacy group’s call for an urgent increase to Newstart payments.
According to the Council on the Ageing (COTA), the 180,000 Australians aged over 50 that rely on Newstart spend two and a half times longer on the payment type than other age groups due to the issues they face in gaining employment.
This is leaving recipients over 50 on Newstart for 7.1 years, according to the industry body.
COTA Australian deputy chief executive Corey Irlam said: “Contrary to popular belief, almost one in four (24.6 per cent) Newstart recipients are over 50.”
“Once an older person becomes unemployed for a longer period ,they find it much more difficult to find a new job.”
Mr Irlam has argued Newstart can’t be considered as a short-term solution as potential employees struggle to find work.
“The government’s most common defence of the current low Newstart rate is that it is a ‘short-term benefit’.”
The industry body has submitted papers to Parliament suggesting:
- Raising Newstart by $75 a week for singles and proportionately for couples
- Reconsidering means testing and the liquid assets waiting period so that older people do not need to draw down on their retirement savings
- Immediately increasing Commonwealth Rent Assistance by 40 per cent to provide urgent relief for older renters
“It is unacceptable that we expect people to survive for so long on $40 a day while finding paid employment or waiting to reach the age pension eligibility age,” Mr Irlam said.
“In the interim, many are forced to forego some of the most basic requirements of living: food, medications and healthcare.” He noted that it is even harder for people who are still renting.
RELATED ARTICLES
About the author
About the author
Expenses
Expert tips to secure your financial safety net
New Zealanders are known for their "she'll be right" attitude, but when it comes to handling unexpected bills, being prepared is crucial. Read more
Expenses
Australians continue to opt for free VPNs, ignoring potential privacy risks
Australians, alongside citizens of Sweden, South Korea, and Mexico, are increasingly choosing to use free Virtual Private Networks (VPNs), despite the potential threats to their privacy. Read more
Expenses
Rooftop solar in childcare centres could cut energy bills by millions
The analysis conducted by Parents for Climate has revealed that the installation of rooftop solar and batteries in early childhood education and care (ECEC) centres could lead to savings of up to $130 ...Read more
Expenses
Corporate Traveller identifies key strategies for business travel savings
Flight Centre Travel Group's Corporate Traveller, a premier service provider for managing SME travel, has shared several effective strategies that enabled their business clients to significantly ...Read more
Expenses
Price no longer the prime factor for energy bills
Many Australians are intrigued but unconvinced when it comes to greening their energy bill. Read more
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. Read more
Expenses
Expert tips to secure your financial safety net
New Zealanders are known for their "she'll be right" attitude, but when it comes to handling unexpected bills, being prepared is crucial. Read more
Expenses
Australians continue to opt for free VPNs, ignoring potential privacy risks
Australians, alongside citizens of Sweden, South Korea, and Mexico, are increasingly choosing to use free Virtual Private Networks (VPNs), despite the potential threats to their privacy. Read more
Expenses
Rooftop solar in childcare centres could cut energy bills by millions
The analysis conducted by Parents for Climate has revealed that the installation of rooftop solar and batteries in early childhood education and care (ECEC) centres could lead to savings of up to $130 ...Read more
Expenses
Corporate Traveller identifies key strategies for business travel savings
Flight Centre Travel Group's Corporate Traveller, a premier service provider for managing SME travel, has shared several effective strategies that enabled their business clients to significantly ...Read more
Expenses
Price no longer the prime factor for energy bills
Many Australians are intrigued but unconvinced when it comes to greening their energy bill. Read more
Expenses
1 in 2 Aussie pet owners spends on their pets more than themselves
Does owning a pet eat into your monthly budget? You’re not alone. Read more
Expenses
The real reason Sydney’s petrol prices are so high
Sydney fuel prices may seem like they’re soaring, but a recent study indicates that they may be cheaper than you think. Read more
Expenses
Morrison backs big pharma, turns back to developing countries
Big pharma is currently fighting to maintain intellectual property protections over COVID-19 vaccines, with Australia refusing to act despite having no pharmaceutical companies. Read more
More articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- ACE25
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Broker Daily Business Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Make your nest egg grow. Register now for nestegg updates.