News

Australia's peak seniors advocacy organisation, COTA Australia, joins today with other consumer interest groups such as Choice to warn a Senate Inquiry about the detrimental impact of the proposed amendments to Future of Financial Advice (FOFA) legislation on tens of thousands of older Australians.

Deputy PM Warren Truss is reported to have told the Conservative Breakfast Club in Brisbane yesterday that many older people are squandering their superannuation savings on luxury items and cruises and then going on the pension.

Older Australians have fared poorly in the 2014 Budget with hits to the age pension, introduction of co-payments for health care, changes to aged care, and the abolition of measures to improve housing affordability.

Single pensioners will be at least $80 a week worse off in ten years under the Federal Government’s proposed changes to the indexing of the aged pension in the 2014 Budget.

Older Australians will be shocked by many of the recommendations contained in the Commission of Audit in the areas of health care, pensions and aged care, says leading seniors advocate COTA Australia.

Australia's peak seniors advocacy organisation, COTA Australia, met with Federal Treasurer Joe Hockey in Canberra yesterday, following the announcement by the Prime Minister that there will be no changes to the pension during this term of parliament.