Division
Karen McNamara Australia is a generous and compassionate nation. Our society has been built upon a commitment to help those less fortunate and to look after our mates. Throughout the years Australia has had a strong social safety net for those in need. It is crucial that we ensure the sustainability of this safety net and guarantee that it will be there for generations to come. Over the past 12 months the federal government has spent approximately $150 billion on social services and welfare. This spending provides Australians with pensions, aged care, benefits to families and individuals, and the National Disability Insurance Scheme. Of this, the age pension is our largest welfare payment, totalling an estimated $44 billion in 2015-16. This represents close to 35 per cent of the Commonwealth budget. In the coming decade the costs of delivering these services will increase as our population grows and ages. The _Intergenerational_ _r__eport_ stated that the number of Australians aged 65 and over is projected to more than double by 2055. Future projections anticipate that by 2055 there will be approximately 40,000 people aged 100 and over. Payments made through age and service pensions are projected to increase each year, and in real monetary terms spending per person is projected to increase from almost $2,000 in 2014-15 to around $3,200 in 2054-55. Currently, this spending accounts for 2.9 per cent of our gross domestic product; without changes to how we deliver the age pension this amount will increase to 3.6 per cent of GDP by 2054-55. This is an unsustainable path for Australia. It is essential that we address the sustainability of Australia's pension system to ensure that we are able to provide for senior Australians in future years. The age pension provides support for 2.4 million Australians and contributes to a broad retirement income system, which also includes superannuation and voluntary savings. This government will ensure that, as our population ages, our
House of Representatives, 2015-06-18. affirmative: ayes 77, noes 53.
Question
Karen McNamara Australia is a generous and compassionate nation. Our society has been built upon a commitment to help those less fortunate and to look after our mates. Throughout the years Australia has had a strong social safety net for those in need. It is crucial that we ensure the sustainability of this safety net and guarantee that it will be there for generations to come. Over the past 12 months the federal government has spent approximately $150 billion on social services and welfare. This spending provides Australians with pensions, aged care, benefits to families and individuals, and the National Disability Insurance Scheme. Of this, the age pension is our largest welfare payment, totalling an estimated $44 billion in 2015-16. This represents close to 35 per cent of the Commonwealth budget. In the coming decade the costs of delivering these services will increase as our population grows and ages. The _Intergenerational_ _r__eport_ stated that the number of Australians aged 65 and over is projected to more than double by 2055. Future projections anticipate that by 2055 there will be approximately 40,000 people aged 100 and over. Payments made through age and service pensions are projected to increase each year, and in real monetary terms spending per person is projected to increase from almost $2,000 in 2014-15 to around $3,200 in 2054-55. Currently, this spending accounts for 2.9 per cent of our gross domestic product; without changes to how we deliver the age pension this amount will increase to 3.6 per cent of GDP by 2054-55. This is an unsustainable path for Australia. It is essential that we address the sustainability of Australia's pension system to ensure that we are able to provide for senior Australians in future years. The age pension provides support for 2.4 million Australians and contributes to a broad retirement income system, which also includes superannuation and voluntary savings. This government will ensure that, as our population ages, our
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