COTA Australia welcomes the opportunity to provide comment and input to the inquiry into the Social Services and Other Legislation Amendments (Supporting Retirement Incomes) Bill 2018 which encompasses measures to support Australians in retirement.
COTA Australia strongly supports the proposed amendments to the Social Security Act and the Veterans’ Entitlement Act, which include:
- new means test rules to encourage the development and take-up of lifetime retirement income products/streams;
- an expansion of the Pension Loans Scheme; and
- an increase and expansion of the pension work bonus.
These measures form part of the More Choices for a Longer Life package of 42 measures directed to older Australians in the 2018 Federal Budget, into the development of which COTA made a significant contribution. The first measure originates from government initiatives announced in the 2016 Budget that have been delayed in their implementation.