One problem we are facing is life expectancy, which in Australia has increased from 72 years in 1960 to 83 in 2019. The pension age has only increased slightly from 65 to 67 (1st July 2023), giving a much longer retirement period. It might be seen as controversial to suggest government sponsored euthanasia as a 72nd birthday gift for all aged pensioners. It was a dream (thanks to Gough) once that the Aged Pension should be increased to 25% of the average male income, and that was the policy of successive governments until Rudd, who under a new formula seen the pension grow beyond 25%, its now held at 27.7% of MTAWE. Another problem is with the single aged pension being arbitrarily set at 66.3% of the combined "married" rate, this in itself has lead to fiddling by some.

The fringe benefits for aged pensioners are not unsubstantial, PBS at $6.50 max, $40.30 for everyone else, the safety net is also far more generous for pensioners. There are many more generous concessions given to pensioners, council rates, car rego etc etc, even 10% off (seniors card) dinner down at the RSL. Then there is the earning capacity of pensioners which is $172 single/$304 couple without any reduction in pension payment. then its only a reduction of $1 in every $2 earned. Allowable assets and still receive a full pension.

Non home owner $465,500 single / $594,500 (couple)
Home owner $258,500 / $387,500

The assets other than cash at bank are very iffy, personal assets, value, car and furniture etc, what you say it. Property, a "valuation" on company letterhead from a friendly real estate agent will do.

Aged pensioners have also benefited from what I call the 'Lovable Granny Factor', there are more grandmas alive than grandpas. Which politician wants to kick lovable old ladies?

Indy, BTW, you can join the Greens at a pensioner concessional rate. Is the full fee, whats been holding you back?

The age pension is sustainable if we choose to sustain it.
Aidan,
Those who'd make themselves scarce would not escape responsibility as they do presently, unless they stay away from Australia permanently so, not an argument full stop.
The Age Pension is more than sustainable, it'd be an economic boost not seen for years.
What is it that makes people believe once the pension is paid it is somehow "lost' to the Govt ?
On average, 95% of a pension is spent, get it ! SPENT ! In simpler terms it is going into the local economy so it is not wasted or lost !
Imagine how many young peoples' lives would not head onto the wrong track if they had the benefit of a National Service ? Much of the very poor mentality of older people now is due to not having had National Service ! National Service & Old Age Pension are the best weapon against greed & uselessness ! National Service & Old Age Pension are the single best policy for our future !

What would be really interesting is to calculate how much bloody tax has been forgone fattening the superannuation accounts of so many people who are on a very good wicket. I suspect it would be substantial.

Every Australian should be entitled to a pension dependent on how much their superannuation and other income supplements their retirement. That is what progressive caring nations do. I don't think the value of someones home should be a factor as many older farmers in our area are asset rich but cash poor.

However all those billions of dollars in foregone tax fattening accounts should have meant we have a sustainable pension scheme looking after Australians in their retirements, afterall that is what it was designed to do. If not why on earth did we introduce it? Just to make the wealthy more wealthy?

Homes and farms are not means tested as far as the Aged Pension is concerned, give or take a few million.
There is Grandma, living alone in that 5 bedroom, non means tested, house on a 1/3 acre block. Taking in boarders is an option.

Still dodging my post about all the other government spending excesses Paul.

Incidentally, farms are taken into account as an asset If they are productive the income is taxed & applied.

For pension purposes any land even around the family home above 2.5 acres is counted as an asset, unless it has been owned by the same person for 25 years or more.

Do try to get your facts right in these rants in future.

Indie: On average, 95% of a pension is spent, get it ! SPENT ! In simpler terms it is going into the local economy so it is not wasted or lost !

It gets spent alright or gobbled up. Every time the Pensioners get a rise everything they have to pay increases. Rates & Utilities, Insurances, Car, House & Contents, Petrol, Food, Electricity, Travel & a myriad of other minor things. If Pensioners get a $3 rise they end up $1 behind again.