There is an urgent need for an informed, evidence based national review of income security for older Australians. It must be commissioned by Government but led by independent experts, be comprehensive in scope, and draw on the best policy and economic evidence, expertise and imagination available and actively involve all significant stakeholders.
COTA believes that Australians want and expect all older people to have a secure, liveable income. We recognise this vision presents some fiscal challenges as the Australian population ages, but COTA argues that to fall short of achieving it is both unacceptable and unnecessary.
Finding a sustainable, efficient and equitable future policy platform for retirement incomes is a strategic imperative for Australia, both economically and socially, and there is an increasing range of voices calling for action to achieve this.
The Age Pension has been, as matter of bipartisan policy, the historical bedrock of income support in retirement for the large majority of Australians. Its existence as the anchor pillar of retirement income has been a key part of the social compact between governments and citizens for many decades. Over the last four decades Governments of both persuasions have extended and improved the Age Pension, benchmarking it to the living standards of the working population.