National Seniors Australia says today’s inflation figure shows the pension is again playing catch up with the soaring cost of living.
Australia’s peak, not-for-profit consumer and advocacy organisation for older Australians, says the figure of 6.1% (the highest since 2001) has already outstripped the last increase to the pension of just $20.10 per fortnight back in March.
National Seniors Chief Advocate, Ian Henschke says pensioners will have to wait months for any respite.
“The next increase is not until September and by then inflation will have leapt ahead of the pension and they will be left even further behind,” Mr Henschke said.
“It’s like the hare and the tortoise, no sooner do we try to get ahead of the cost of living and any increase has already been gobbled up by soaring inflation.”
National Seniors says when there is runaway inflation, the pension should be adjusted quarterly.
“Clearly adjusting the pension twice a year when we have runaway inflation is not fair,” said Mr Henschke.
He also says the ‘Let Pensioners Work’ campaign should be adopted by the government at this time of high cost of living and record job vacancies.
“Our research shows that almost 20% of pensioners say they would consider a return to work and their prime reason is because they need the money.
“If pensioners could work without losing so much of their pension and just pay income tax like everyone else it would be a win for them and a win for the economy.”
