Older Australians need to see fairer credit rules for retirees, the introduction of a Seniors Dental Benefits Scheme and greater support for people in aged care – all underpinned by a clear national plan for an ageing population, according to COTA Australia’s pre-Budget submission.
COTA Australia Acting Chief Executive Officer, Corey Irlam said COTA is urging the Federal Government to use the upcoming Budget to provide support that benefits all Australians, including older people.
Among the key recommendations in the submission is that the Federal Government ensures its regulations don’t act as a barrier to applying for credit in later life stages.
“Older Australians risk being unfairly locked out of credit simply because they are no longer in the workforce,” Mr Irlam said.
“The Federal Government needs to task ASIC and APRA with examining whether a dedicated retiree credit assessment standard is needed to ensure older Australians receive fair and consistent treatment when applying for loans.
Mr Irlam said fair access to credit could help older Australians manage major life events such as downsizing or supporting family members.
“This is about making sure people who have built financial security over a lifetime aren’t unfairly penalised because the system hasn’t caught up with how Australians live in retirement.”
“Too often older people find themselves unable to access credit because lending systems don’t properly account for how income and wealth look in retirement.”
COTA’s pre-Budget submission also highlights the ongoing cost-of-living pressures many older Australians face, particularly those on fixed incomes.
Among the measures proposed is the introduction of a Seniors Dental Benefit Scheme, aimed at ensuring pensioners and older Australians receiving aged care services can access affordable preventive dental care.
“Oral health is essential to overall health, but too many older Australians delay or skip dental care because of cost,” Mr Irlam said.
“A Seniors Dental Benefit Scheme would help ensure people can maintain their health and quality of life as they age.”
Underpinning all the recommendations is COTA’s call for the Federal Government to develop a 10-year action plan for an ageing Australia, bringing together government, business and the community sector to prepare for a rapidly ageing population.
“Australia is ageing quickly, but our policy settings haven’t always kept pace,” Mr Irlam said.
“A coordinated national plan will ensure older Australians remain financially secure, independent and connected. Preparing for our ageing population is not just a social priority – it’s an economic one. The policies we put in place today will shape how every generation experiences ageing in the decades ahead.”
Key recommendations in the submission include:
• Developing a 10-year whole-of-government action plan for an ageing Australia, with clear accountability and investment in tackling ageism.
• Closing the retirement age gender gap, including a national review of the systemic barriers that force many women to retire earlier with less financial security.
• Finalising aged care reforms, including a clear transition to a single home and community care program and stronger oversight of pricing in the Support at Home system.
• Ensuring banking and credit rules work fairly for retirees, including examining whether a retiree-specific credit assessment standard is needed.
• Protecting access to cash and non-digital banking, while building digital confidence as payment systems continue to change.
• Introducing a Seniors Dental Benefit Scheme to ensure older Australians can access preventive oral health care.
Click HERE to read or download COTA Australia’s full pre-Budget submission
Media contact: Tamara Kotoyan, 0430 291 890 or Alana Mew, 0419 929 722