The news from the ABS that 75% of those over 65, aged pensioners mostly, who had received the $750 government cash handout had simply deposited it into their savings, another $750 comming their way again in July. The fact aged pensioners had not, as the government intended, spent the largesse to boost the economy was not totally unexpected.

In the 2019/20 budget of $505 billion, $70 billion was allocated as assistance for the aged, direct aged welfare cash payments of over $20 billion were included in the $70 billion. With PAYE taxpayers putting in about 50% of revenue (All these amounts are before the bushfires and coronavirus struck the economy).

I though I would survey my two sons as to how they felt about the economics of pensions, handouts and taxes, and how its effected them. My eldest 37, a Labor voter, works for state transit in Sydney as a bus driver, has seen his o/t cut, but other than that its business as usual, has four young children, and a partner to support, along with a mortgage to pay. Not impressed with pensions, handouts or taxation and his long term future with such things. The younger 32, single, small business Liberal voter, supplier to the retail pet trade. Extremely scathing of the whole economics of his party and the way things have gone with handouts, pensions and taxes.

As under 40's I'll give their ideas later.

Shows you how stupid Morrison has been, chucking money at people he doesn’t know, doesn’t understand and holds in contempt.

Pensioners were never going to trust Morrison. When he was Treasurer he dismissed objections to his impoverishment of tens of thousands of part-pensioners and his taxation of major banks. They were never going to spend the money, preferring to hang onto it for the the next time duds them.

Morrison, Cormann & Centrelink aren't in touch with normal wage earners. In most other aspects they're well ahead of Labor in managing the Nation's affairs.
The Pension should be re-introduced as Superannuation will not last the distance when push comes to shove.
People like Paul1405 think think Pensioners are a burden. He forgets the fact that we have already bought our Pension over half a Century of paying tax on everything including low wages.
Bureaucrats & most others in non-productive sections of the Public Service have their Superannuation paid for & boosted by others. Superannuation is a good option for people with good income but for the basic wage earner it doesn't shine too bright at the end of the tunnel.
One day I'll take the time & work out how much of the Dollar is actually left once every tax & fee has been paid. I'd be very surprised if there's even 20 Cents left to actually save.
I maintain my view that a Flat Tax is the only way to to a sustainable economy !
As far as young peoples' views are concerned, I can only ask them to think of their retirement !

«The news from the ABS that 75% of those over 65, aged pensioners mostly, who had received the $750 government cash handout had simply deposited it into their savings»

This is terrible - First because they spy on what people do with their money, but even more importantly, did they even have the courtesy to at least ask the recipients whether they want this extra $750 before they pushed it into their bank accounts?

To protect myself from future such splurs of tax-payer money, possibly even without my knowledge, I decided to remove my bank details from the tax-office website - this way they may be forced to send me a cheque which I can then tear up. Unfortunately the ATO website is currently down, so I will try again later.

COVID-19 is NOT a valid excuse to infect people with tainted, stolen, tax-payer's money!

BTW. We shouldn't be concerning ourselves with what young people think about Age Pensioners or the Age Pension. We have done our bit; now it's their turn. The last time Paul was whingeing about his bus driver son, the son was getting about $90K a year - for driving a bloody bus!

Another thing we old folk need to remember. Young smartarses do not like us. They think life started the day they were born, and we know nothing. They can't/won't learn anything from our experience. They have no respect for us - even the kids of immigrant cultures that traditionally respect and revere their elders. They can't wait to get us locked up in nursing homes to be neglected and abused, hoping it won't be too long before they collect their inheritances.

Worry about what young people think? Stuff 'em!