Skip to main content RSS Info Close Search Facebook Twitter
Location
Category
Providers / Vacancies
Feedback

Age pensions not keeping up with inflation

National Seniors Australia is worried that the surging inflation figures are further proof that increases in the age pension are failing to keep pace with inflation.

In the lead-up to next month’s Budget, the latest increase will add more weight to the growing chorus of calls for a pension increase. National Seniors chief executive, Michael O’Neill, said.

“While the March quarter CPI increase of 1.3% was of real concern, the increases in the cost of basic commodities, including food and power, have been much larger than the headline rate.

“The CPI figures show food prices rising by 2.1%, with bread up by 4%. Electricity is up 6%, health costs have risen by 4% and the cost of medicines has leapt a massive 13%: all basic items that pensioners and low-income self-funded retirees are already struggling to afford.

“Age pensioners spend more than 21% of their income on food, and another 7% on health. Yet the most recent indexed pension increase, which was applied just last month, raised the pension by just 1.7%.”

Mr O’Neill said by the time the next increase in September, pensioners will have been paying these higher prices for more than six months, without any assistance.

“This is clear evidence that there is an urgent need for an increase in the base rate of the pension.”

Share this article

Read next

Subscribe

Subscribe to our Talking Aged Care newsletter to get our latest articles, delivered straight to your inbox
  1. Eighty years after getting married, this couple lives together...
  2. Who says your age should limit your dreams?
  3. Data from a recently released report highlights a concerning...
  4. With an ageing and growing population, data from the...
  5. Approximately 411,000 Australians are estimated to be living...
  6. How could you benefit from attending university as an older...

Recent articles

  1. The new initiative brings older Aussies together to see the...
  2. A collaboration between Dementia Australia and VistaPrint...
  3. How can you look after yourself during the expected heatwaves...
  4. How is an interactive app being used in aged care settings to...
  5. How could the upcoming strengthening of super standards save...
  6. Brother Thomas Oliver Pickett, a Western Australian volunteer,...
  7. Why is an illegal website targeting older Australians?
  8. Eighty years after getting married, this couple lives together...
  9. How does heart health impact your risk of dementia?
  10. Instead of going to the hospital, could older Australians...
  11. Recent data indicates changes in the current COVID-19...
  12. One aged care provider is launching a mini-series of free...
  1. {{ result.posted_at | timeago }}

Sorry, no results were found
Perhaps you misspelled your search query, or need to try using broader search terms.
Please type a topic to search
Some frequently searched topics are "dementia", "elderly" etc
Close