to get around problem of assets, then maybe a deeming rate can apply to those assets not earning income.

Obviously, an asset of 40,000, say a boat, is going to be penalised much less than someone who has $1 million of cars in his shed.

But most people who have expensive assets, are also likely to have much income coming in from investments. thus, they will be paying a lot of tax, even if they get pension.

i believe in targeted welfare, and a scaled tax system, but a pension should be all those who have achieved retirement age regardless of their wealth.

For those who have invested, they will have much more from super and so on.

having said that, the super scheme benefits in Australia should also be reformed to make sure that tax benefits to not favour the wealthy.

Dear Paul,

Thank you for the information that the pension/superannuation is not automatic, fair enough.

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Dear Individual,

I do not agree with this view as if it is OK to punish and devastate a few outliers in order to optimise outcomes for the masses. The NZ system is indeed simpler for many, but neither this nor the presence of inefficient, dishonest or whinging people justifies a forced dumping of unclean money on honest respectable older people who never asked anyone for charity or favours. In the very least, one ought to be able to opt-out.

Following Paul's clarification, the point is now moot.

We should remember that many of the old folks during their working lives didn't have the benefit of Super, 99% of Super schemes died when one left a job and many companies "died" when the potential Super payouts started to look big.

Gone were the jobs and the Super.

ttbn, you seem to be getting a little upset, that's not like you, Try-To-Be-Nice. Where is the abuse, you claimed I fathered my son-in-law, that'perverted, like being married to your sister. Although I do understand at your advanced age, how dementia can cause comprehension problems. At your advanced years you don't have dementia do you? I certainly hope not!

Talking about pensioner assets, my dear mum who passed away about 8 years ago, at the rip old age of 85. Mum was an aged pensioner for about 20 years, I being the executor of her will. The only real asset she had was a house in Sydney, other than $30,000 in her bank account. The $30k, every penny of it came from savings she made from the aged pension. Mum lived well, both my sons told me, when they visited, she was always wanting to give them money, money she kept under her pillow, money from her pension.

General opinion is the allowable assets of pensioners, other than their principle residence, their home, are far to generous.

Indy said; "work mate who has five houses...and he can't get a Pension" If they are not fowl houses, he should be doing okay with the rent?

"A friend had to sell his boat for peanuts because it was deemed too much of an asset to get a Pension."
Now with Centrelink and things like boats, just get an independent (low) valuation, and present it to them. I did that with my properties, but alas it was rental income, not value, that counted the most. Divesting assets to children is dangerous, in that it can and will attract gift tax. The answer is a foreign family trust, like set up in New Zealand.

Paul1405,

And your younger son the Liberal business guy wants the cashed up parasites coming in so that he can get rich from it.

I bet he hasn't realised or is denying that that relationship and the politicians, bureaucrats and business people who have been prospering off it over the past 30 years are the reason we are in the situation we now find ourselves.

What took 30 years to grow has now been wiped out in a few short months of the Wuhan bat soup virus pandemic.

And the ones with the most to lose are the ones who had the most :)

And what have we got for our trouble? A whole lot of parasites that no one wants any more.

Paul1405,
You must have a great job to put enough aside to last you till your dying days ! There's not a wage earner who could afford to save that much !
Even salary-earning bureaucrats still rely on Govt funded Superannuation.