Pay again and again and again.

Yuglamron · Guru

Pay again and again and again.

rockylizard · Guru

Gday...

cry unfortunately, that tax we paid for so long during our working lives was not put aside into a piggy bank so we could draw down upon it when we got to be old farts.

Our taxes went into 'Consolidated Revenue' and was applied to the projects and expenditures of the government of the day.

Our pensions are paid from that same 'Consolidated Revenue' that is now topped up each week by those who now pay tax.

The pension was originally to be paid from taxes that had been put aside into a separate 'account' .. but I think it it was in the 1940s that the legislation was changed. hmm

Someone will know when that happened and enlighten us.

Cheers - John

Cowboy7307 · Senior Member

And the Federal politician will retire on the biggest pay out and perks for life

Wombat 280 · Guru

Now $190000.00 for a back bencher who yesterday was an unemployable school teacher or an auto club member The only thing you see come out of Canberra are well dressed pollies at 5 o'clock on a Friday at the local airport travelling first class at our expense

Desert Dweller · Guru

We were glad to recently both turn 65 & qualify for a part Age Pension. It could be wishful thinking but we reckon once you're on it the government won't take you off it. They might reduce your payments but that's all. It's those looking to get on it in the future that may have trouble.

mjt57 · Senior Member

Yuglamron wrote:
Haven't the majority of people who are accessing the age pension spent most of their lives paying taxes to have the Age Pension after retirement.

Not really. We pay taxes so that services such as health, education, infrastructure building (not that much of this happens, these days, unless it's a PPP) defence and so on can be funded. I think that the pension is an afterthought despite social security/welfare making up the vast bulk of the federal budget.

Meredith · Senior Member

You paid taxes to get the Government services during those years and to fund social security for people who were getting it while you were working. The people paying taxes now will be paying for your pension and all the other current government expenditure. Given longer life spans and a much greater percentage of the population being over pension age its fairly certain that in the future there will be more changes to the pension and the age people can get it will continue to rise.

dorian · Guru

www.2st.com.au/pete-brandtman/77441-pensions-the-squeeze-is-on-but-not-for-these-guys

Natasha Stott Despoja (born 1969, left parliament at age of 39)
Former Australian Democrats senator for South Australia
* 13 years: 1995-2008
* Pension for life: From $79,412 a year from date of leaving parliament.
Figure does not include any extra accrued for holding offices such as Democrats leader

Bill O'Chee (born 1965, left parliament at age of 34)
* Former National Party senator for Queensland
* Nine years: 1990-1999
* Pension for life: From $54,000 a year

mjt57 · Senior Member

Yep, O'Chee is the standout here. You gotta ask - what have these people done for Australia that they deserve a lifetime pension whilst still young and at working age (and working in addition to getting their super pension)?

madaboutled · Guru

It's simple math, the Pollies need to make as many cuts as they can from whatever benefit they can regardless of how many people it will affect to justify the increases to line their own pockets. If it was a fair system (which it's not) they would get the same pension that everyone else gets AFTER they they jump through all the loops to meet the requirements just like everyone else.

Bruce and Bev · Guru

sorry if this sounds like politics, but a certain very short PM who now wanders the world watching cricket set up a Future Fund to in part help fund pensions as the problem of paying for us baby boomers pensions has been known for many years. Unfortunately it was spent for "day to day" bills by the govt that followed him. The Future Fund had many millions in it and was growing well - it would have funded age pensions, health and many other essential services.

And its off topic, but why is the nation health costs sky rocketing each year? In WA there seems to be more paper shufflers than medical staff in hospitals and the many H/O's and the specialist charges are out of control I go to a specialist once a year. I spend about 10 minutes with him and we usually just chat and he asks me if I'm ok. Four years ago I paid him $70. Last year it was $220. That's a $150 increase - I can chat with a lot of more interesting people than him! Has his costs actually gone up this much, or is it just more profit for him?? The donkey work is done by my GP who is paid by bulk billing (which I would be happy to pay part of to get health care costs down or improved for all)

JayDee · Guru

My wife has been visiting a couple certain specialist for a number of years now. She is a long time "Customer" Yet at the end of each 12 month period she has to go to her G.P to get a new referral. Now that is an absolute rip off of the medical system. Why should she have to have her referral renewed for the very same procedures. Some may say, well if she is still going to the same specialist and she is still not cured then change specialists. But that is not the point.
Talk about a waste of money or is it feathering the G.P nest.
Jay&Dee

JayDee · Guru

ORIGINS OF AUSTRALIAN
AGE PENSION
In Australia, the first Age Pensions
were introduced in 1900 by NSW and
Victorian State governments. These
were followed in April 1909 by
Commonwealth old age and invalid
pensions. The initial national Age
Pension in 1909 was equivalent to $1
per week ( 21.6% of average wage) for
both single and married persons.
There was a means test for full
pension based on assets and property
value including own home of $620
(2.6 times average annual wage) and
income of $104 pa ( 43% of average
annual wage)

Today, I think the Pension is somewhere around the $20,000 per year. Really don't know the figure.

I read some where where a head master in 1873 was earning 221 pounds a year that's about $9 per week. I think that would have been a very good income in those bygone days.

Also I believe that the Chiffely Government accurred a percentage of our tax in that era and it was placed into a special fund to cover future pensions. So yes we were paying for our Super back then. But I am also guessing that the next government of the day got their sticky little fingers on the money and it as also, is the case, disappeared never to be seen again.
Don't you just love the people who are suppose to look after us first and foremost.
Jay&Dee

Aus-Kiwi · Guru

They SAY they tax us for our own good... REALLY ..
Selling every asset they can.. look how limp TAFE is now..

rockylizard · Guru

Bruce and Bev wrote:
~~SNIP ... a certain very short PM ............. set up a Future Fund to in part help fund pensions as the problem of paying for us baby boomers pensions has been known for many years. Unfortunately it was spent for "day to day" bills by the govt that followed him. The Future Fund had many millions in it and was growing well - it would have funded age pensions, health and many other essential services. ~~~SNIP

Gday...

I am not sure where you formed that opinion Bruce confuse