Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Hansard source

No, that was yesterday! At last year's Jobs and Skills Summit, promoting social inclusion and reducing barriers to work was a key feature of the government's agenda. This was demonstrated through our government's decision to temporarily boost the pension work bonus, allowing more aged pensioners and veterans to earn and work more before their pension is reduced.

I know you don't like these provisions, Senator Smith; I know you don't like them. But we're doing it.

The employment white paper handed down in September, developed following the Jobs and Skills Summit, laid out a road map for permanent steps the government could take to continue this important work. Today my very good friend the Minister for Social Services, who's doing a terrific job, introduced legislation to the House that will, from 1 January 2024, provide all new entrants over age pension age and eligible veterans with a $4,000 work bonus income bank starting balance and will permanently retain the maximum income bank balance cap of $11,800 for all pensioners. These changes will mean that eligible pensioners can choose to take up more work if they choose to do so without their pensions being impacted.

The government's initiative has been welcomed by stakeholders who represent older Australians, including the Council on the Ageing CEO, Patricia Sparrow, who has called these changes 'a great step forward'.