COTA Australia has welcomed the latest increase to the Age Pension, saying it will provide some relief for older Australians facing ongoing cost-of-living pressures.
The increase is the result of the regular, twice-yearly indexation of pensions and allowances, which is based on the Consumer Price Index and other cost-of-living measures.
COTA Australia Chief Executive Patricia Sparrow said while the boost would help, many older Australians remain under significant financial strain.
“Many older Australians are carefully managing every dollar, and additional income will help ease pressure on household budgets,” Ms Sparrow said.
“While it won’t solve the cost-of-living pressures many people face, an increase in the pension will make a small difference when it comes to managing rising costs for essentials like food, energy, insurance and healthcare.”
Ms Sparrow said the increase comes against a backdrop of persistent financial hardship for many older people.
“The idea that all older Australians are wealthy is a myth. For those struggling with skyrocketing costs, the extra money in their pension each fortnight will bring real relief.
“COTA’s recent State of the Older Nation report found one in four older Australians are living in poverty. There is much more work to be done to ensure Australia’s safety net keeps pace with rising costs and economic pressures.
“Of course every dollar helps, but rising unemployment and cost of living pressures make it even more important for Australia to ensure our safety net sufficiently supports people who bear the brunt of the economic fallout.
COTA Australia is calling on the Federal Government to continue strengthening supports for older Australians on the lowest incomes.
Media contact: Alana Mew, 0419 929 722, [email protected]