Mal Brough (Longman, Liberal Party, Minister Assisting the Prime Minister for Indigenous Affairs) Share this | Hansard source

I thank the member for his question. Since this government came to power we have focused very much on families and older Australians, who have contributed to the wellbeing and the financial strength of this country. Even though many are now in their retirement years, they still deserve to share in the wealth and the bounty that this country continues to enjoy under a Howard-Costello government. It was one of the earliest commitments that the Treasurer made, back in 1996 I think it was, when he linked the pension to 25 per cent of MATWE, male average total weekly earnings. In practical terms what that now means is that, as a result of that decision, a single aged pensioner today has $66.20 per fortnight more in their pension pay packet than they would have had otherwise had the Labor Party policy continued. For a pensioner couple it is $111.40. That is a tremendous bonus for those families and those couples in their older years. From 20 September this year they can expect a further down payment on what the Commonwealth government has been able to achieve through good economic management. As a result of the halving of the pension taper rates, from 20 September this year a single retiree homeowner could have an additional $177,000 of assets before losing the age pension.

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