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Retirees can afford to pay for aged care. Workers can’t

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It would be odd if grandparents left tax-free inheritances to their adult children while their grandchildren pick up the extra aged care tax bill while struggling to pay for homes and to raise families.

Before contemplating tax rises of tens of billions of dollars to deliver better aged care, Australians must talk honestly about the fact that many retirees have the wealth to pay more for care in their twilight years.

 

The $3 trillion (and rapidly rising) in superannuation savings and trillions of dollars more in home equity must be deployed under a shift towards a user-pay aged care system, while improving the public safety net for the truly less-well off.

 

 

It would be odd if grandparents in their 80-90s bequeathed generous tax-free inheritances to adult children in their 50-60s, while grandchildren in their 20-30s picked up the extra aged care tax bill while struggling to pay for homes and to raise families.

 

Most retirees die with most of their wealth intact, do not run down their superannuation or tap equity in their home, and leave large bequests to children who happen to win through the lucky life lottery, the government’s retirement income review shows.

 

Whacking another hypothecated tax on working-age people who are already battling to pay for mortgages and raise children, without reforming the unsustainable tax and aged care systems, would be lazy policy and fail to fix the underlying problems.

 

Higher income taxes would place an even larger burden on younger and future generations who are already lumbered with a projected $1.7 trillion federal government debt following the COVID-19 recession.

 

Super for over 60s is tax free

Moreover, there are existing gross intergenerational inequities in the tax and welfare system.

 

People aged over 60 pay zero tax for the rest of their lives on superannuation thanks to extremely generous concessions introduced by John Howard and Peter Costello (chairman of Nine, owner of The Australian Financial Review).

 

In contrast, working-age people are often stung by the tax office for between a quarter and almost half of their income.

 

This is not sustainable, particularly as life expectancy rises and the cost of medical care grows.

 

There will be fewer working-age people supporting more retirees, Treasury’s 2015 Intergenerational Report shows.

 

In 1975, there were 7.3 people aged between 15 and 64 for every Australian aged 65 and over. In 2015, that working-age-to-retirement ratio had fallen to about 4.5, and by 2055 it is projected to further fall to 2.7.

 

Moreover, there is a sizeable share of retirees who live in multimillion-dollar homes and who enjoy healthy superannuation balances.

 

The role for government is to help retirees tap into their superannuation and home equity.

 

Many retirees are asset rich but cash poor

An obvious reform is to broaden the government’s Pension Loan Scheme to allow home-owner retirees to release some of their equity to pay for the aged care Daily Access Payment (DAP) or Refundable Accommodation Deposit (RAD).

 

Contrary to scare campaigns, this would not involve prematurely booting the elderly out of their homes or leaving zero inheritance for their children.

Good idea guys?

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I am a retiree, and most certainly agree.

My wife, a pharmacist, has for years been dealing with the children of elderly parents who put them in the cheapest home they can find, then quibble about any medicines or non prescriptive health related items.

The main reason, being they don't want to see their inheritance go to keeping their parent(s) in comfort.

Taxpayers should not be paying for aged care, at least not if the aged person has assets.

I notice Albo has mooted the idea of a levy on taxpayers to pay for aged care.

Like the Medicare levy, which was supposed to be temporary, it will just be swallowed up into revenue, and the aged care sector will still get screwed.

You only have to look at what happens with the petrol levy was supposed to go to road funding.

Well of course the amount raised in the petrol levy far exceeds the amount spent on roads.

Governments of all persuasions just keep spending money without any chance of ever getting their budgets in order, its in their DNA.

Mick

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https://www.afr.com/politics/federal/florid...20210305-p577z0

 

Powerful quake hits off New Zealand

AP

 

A powerful magnitude 8.1 earthquake struck in the ocean off the coast of New Zealand on Friday, prompting some evacuations and tsunami warnings across the South Pacific.

 

It was the second large quake to strike within hours. An offshore magnitude 7.3 quake had awoken many people during the night throughout New Zealand. While both quakes triggered warning systems, neither of them appeared to pose a widespread threat to lives or major infrastructure.

 

 

Civil defence authorities in New Zealand told people in certain areas on the East Coast of the North Island on Friday morning that they should move immediately to higher ground and not stay in their homes. They said a damaging tsunami was possible.

 

The US Tsunami Warning System also cautioned that the larger quake could cause tsunami waves of between 1 to 3 metres in French Polynesia and waves of up to 1 metre in Niue, New Caledonia and the Solomon Islands.

 

The US Geological Survey said the larger quake was centred in the remote Kermadec Islands at a depth of 19 kilometres.

 

Officials in New Zealand had hours earlier issued a tsunami warning for coastal areas after the smaller earthquake struck off its northeastern coast at about 3am on Friday. There were no immediate reports of serious damage or casualties and the warning was later lifted just before the larger quake struck.

 

The US Geological Survey said the earlier quake was centred at a depth of 21 kilometres under the ocean about 174 kilometres northeast of the city of Gisborne.

 

The earlier quake was more widely felt in New Zealand, and residents in the major cities of Auckland, Wellington and Christchurch reported being shaken awake.

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when i saw this sad news, i start to remember a old clip that drived me tears, even i don't have religion

Hlayley really used her performance to convey the message through-----to re--build hometown !!

 

 

the best a cappella i've seen [ just me]

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  • 2 weeks later...

https://www.afr.com/chanticleer/jobkeeper-l...0210317-p57bo8#

 

JobKeeper lessons should be learnt as ASX 300 profits boom

 

 

There is an argument some flaws were acceptable given the need to ensure the scheme got funds quickly into the hands of employers at the start of the COVID-19 crisis. But the fact JobKeeper wasn’t tweaked as the economy rapidly rebounded last year is inexplicable. Surely the ATO – which likes to bang on about its data-matching capability – could have monitored turnover of businesses and gently, cautiously wound back payments over the second half of the year.

 

==============

 

don't think this article hit core flaw the jobkeeper goes ---------it made a lot of people sit at home and get's more money----make people lazy

 

it designed to buy more votes !! and someone gonna [pay for it , but not the current Govt,] :weirdsmiley:

 

 

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https://www.afr.com/politics/federal/fauci-...20210322-p57d3m

 

Prime Minister Scott Morrison said he was “shocked and disgusted†by the latest media reports about Coalition staffers involved in lewd sex acts in Parliament House.

 

But Mr Morrison used his press conference to say it was not just the Coalition, but bad behaviour across all political parties.

 

“We must get this house in order and fix this,†he said.

 

 

We need more women MPs: PM

Tom McIlroy

 

Prime Minister Scott Morrison said he would try and get more women into parliament. [ yeap,, some like Linda R. "lying cow" herself ]

 

=====================

 

tax payer paid them to have good fun in office, little guys like us can't have that job i guess!!!! :B):

 

lucky we have weather disaster on the headline, so these scum bag have a easy way out!! ;)

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https://www.afr.com/politics/police-investi...20210324-p57dsa

 

She said the Berejiklian government minister allegedly raped a sex worker in the Blue Mountains after picking her up for oral sex.

 

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rape a sex worker?????????????????

 

what the hell is going on in today's world??????????????????

 

mass shooting .... rape..... what else?? all going nutty !!

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https://www.msn.com/en-au/news/australia/ca...ion/ar-BB1fbGXb

 

After returning to Singapore, Dr Wong stopped payment on a blank cheque he signed to cover his losses incurred during the stay.

 

In 2019, the Singapore court dismissed The Star's lawsuit against Wong, seeking to recover his gambling debts.

 

 

======================== :unsure:

 

i want to be a Singaporean !! :lol:

 

 

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How many ABC flunkies does it take to write a headline?

Morrison government finally address sexual harassment report — but is it enough?

 

The Conversation

 

By Emma Golledge, Dianne Anagnos, Madeleine Causbrook and Sean Bowes

 

The government's response to Kate Jenkins' landmark report on sexual harassment in the workplace includes several positive measures. But does it go far enough?

4, (and I hope Sean B is there for gender 'balance')
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How many Fox News and Sport flunkies does it take to write a sentence -

Carrying the hopes of a nation on his shoulders, Matsuyama calmly grinded out clutch pars and struck for crucial birdies in a pressure-packed march at Augusta National, hanging on over the final holes for a historic one-stroke victory.

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