In the COVID-19 response Budget in October, we urge the Federal Government to prioritise the following areas:Pensions and Income Support
Future Retirement Income Policy
Aged Care Reform
Employment of older Australians
Housing
A whole-of-Government approach to an Ageing Australia
COTA supports the needs for a broad inquiry into the financial system as there is some evidence that the current arrangements are not adequate to deal with the increasing size and complexity of financial services in Australia. COTA often receives correspondence from older people.
The issues identified in this submission impact many older Australians and the measures outlined here to address these issues have the potential to improve the lives of a large and growing proportion of Australians.
COTA Australia welcomes the opportunity to provide this Pre-Budget submission of measures that we urge the Australian Government to implement as part of the 2020/21 Federal Budget.
COTA have been strongly advocating for some time for the introduction of a Retirement Income Covenant in the Superannuation Industry (Supervision) Act 1993 and believe this is a first and very important step toward a more critical focus on retirement income within our superannuation system.