Scott Morrison wants you to stop relying on the age pension 401



View Profile

Treasurer Scott Morrison has made his position on retirees and the age pension clear in one of his biggest speeches on the topic yet, and it’s clear he’s not backing down.

On Friday, Mr Morrison addressed the Association of Superannuation Funds Of Australia (ASFA) Conference in Brisbane and started by saying “it’s important for us to have a conversation about superannuation and about the principles that will guide further policy”.

He spoke of the past, present and future of super reform and what it was meant to achieve along the way since its beginnings in the Keating era.

Mr Morrison said there were three reasons for super in the first place: to supplement or replace the age pension, to curb the rising cost of the Age Pension, and to improve the national savings pool.

The Treasurer remarked that only the third objective had been achieved and, “in relation to the first two objectives – these can now be merged by stating our objective on enabling Australians to achieve a better standard of living and independence in their retirement”.

He went on to speak at length about superannuation in the future and wanting to give people more independence in their retirement.

“We want as many Australians as possible to actively plan and save for their retirement, to harness the benefits that the superannuation system offers, and to work towards a self-funded retirement”, Mr Morrison said.

Tax reform on superannuation was another key issue in the Treasurer’s speech, and he enthused that “it is not my money, nor the Government’s money. It is your money”, then reiterated that super needs to “substitute or supplement the Age Pension”.

“The age pension continues to provide an important safety net for Australians who do not have the ability to provide for their retirement futures”.

Mr Morrison admitted the struggle the government has with people who do rely on the pension: “we might want to reduce reliance on the age pension but, on the other, this comes at a cost to Government”.

“Let me make one thing very clear though: while superannuation should ensure adequate retirement incomes, it should not be seen as an open-ended savings vehicle for wealthy Australians to accumulate large balances in a tax-preferred environment, well in excess of what is required for an adequate retirement.

“It is not an estate planning vehicle nor was it ever intended to be”.

He said it is vital for Australians approaching and enjoying their retirement, as “retirees have saved for their retirement under the existing rules across their working lives”, and “the Government acknowledges these efforts and sacrifices”.

“Because until tax concessions and the superannuation system are perceived to strike the right balance, there’ll continue to be calls for tinkering and more changes”.


Tell us, do you think Scott Morrison is right? Or should there be more consideration for the over 65s who didn’t have a chance to save for retirement?

Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. Thats good of him. I am on disability allowance and had to go on it a long time ago and its all I have. I hope this is media hype.

    1 REPLY
  2. We will stop relying on pensions when politicians give up their large pensions

    13 REPLY
    • Good call Susan, but sadly their greed is well known and they will never disadvantage themselves.

    • I believe it is funded x3 or so too, and not everyone earns the huge yearly salaries they do, some only $20-$30k so their super is very small… when you get retrenched at 57 its hard to get another job and have to use that until you reach pension age anyway… Are they delusional… I think so! way out of touch to w hat really goes on in the world.

    • Susan and Gail we will be relying on our aged pensions those of us who need it just as the Pollies do!!!!! You are so right.

    • Yes, come on all you very wealthy politicians, how about starting with you. Sell your home to enable you to live your lifestyle. I don’t think so!!! 😆😃😅

    • I agree Susan when they give up their pendions – who are the greedy ones mmm ??

    • What about Joe Hockey, even if he takes up a diplomatic post he can still claim his huge parliamentary pension!

    • Yes,It is all very well for these politicians to talk about everyone else’s meager pension cuts,when they will all be living the high life!!

    • i reckon the politicians that are being payed pensions could be costing NZ tax payers the same as those that need it,

  3. Ha ha just what I was going to say, the politicians wouldn’t know what it is like to live on any thing but their massive wage and lurks.

  4. stop wasting billions of dollars on hair brained schemes & take your pensions the same as everyone else

  5. They’ll never get it right. Super is a con, and has been since day one. Do your own research and investing, you will be way better off come retirement, or before. With the added benefit, its your money to do with what you want, when you want!

    2 REPLY
  6. That grub Morrison forgets that pensioners are voters. I bet he doesn’t forgo his huge pension when he gets kicked out next election. And it is not even self funded the old taxpayer kicks it all in for him. Parasites.

    14 REPLY
    • He doesn’t need to worry. The majority of people on this site will continue to vote for this government.

    • From the ratio of pro government comments on other issues on this site I think it’s a reasonable assumption.

    • Rob Mcgrath Only a long time devoted Labor supporter could vote Labor at this point in time Rob. They’re a rabble, and one thing Ill give them credit for, they know it.

    • Bronwen Bannister I’d agree with Rob on this. Most retirees vote conservative, even though the conservative governments always kick them in the guts. It’s in our DNA . . Vote Labor if you want to make money as a worker, then vote Liberal if you want to keep it in retirement. I’ll never vote Liberal or National. They’ve both profoundly ruined my life in many ways with their policies to protect the well off at the expense of the poor and working poor.

      1 REPLY
      • Yep I went without a lump sum to have a little more in retirement and took a non indexed pension which was not assessed for a part aged pension but thanks to the LNP it now is – they always take from the easiest targets

    • I’ll stick with Labor mate. Independents tend to be disgruntled conservatives who will, sooner or later, side with the conservatives when it comes to the crunch. Other parties, especially the Greens, have agendas I’m not comfortable with.

    • I think it is time we all voted for a party for the good of Australia and Australuans not the party we may have always voted for in the past.
      Time all Australians called for all party’s to change for the benefit of our country and our young people.
      For to long political parties have relied on us all to stay with the same party, this is why I am not a member of any party, time for us all to rethink the way we vote.
      Fractions within the major parties are now having to much to say which is putting our views in the back burner.

    • Im still waiting for a party that supports Australia and Australians. Not one party actually does that.

  7. Scott Morrison is only 48 years old but if he leaves Parliament tomorrow , he will be able to access his huge pension. This is a case of telling the mere peasants how they should act, he is not actually going to be penalized himself , none of these politicians will be

    6 REPLY
    • Well said Libbi, I would like to see the govt thieves live on the normal pension not the one they will get nor all the perks they get with it when they are kicked out if parliament

    • Not only will he be able to access a huge pension, he will also be able to earn large sums of money and still get his pension. He will also be able to buy and sell as many house as he wants to.

    • The above need to change NOW! We must demand that outrageous $&?&@ to be stopped the minute they are no longer in government! Why should they get paid when they are no longer doing their job? Which they don’t do anyway. We the tax payers demand that it stops NOW!!!

    • Then you get ex- prime ministers, living in a nursing home only the rich and infamous can afford with the tax payers footing the bill for chauffeur driven cars, secretaries and office space. WHAT THE HELL FOR! What redundant pollie is so important they needs a taxpayer paid office and car!

  8. What about the people over sixty remember superannuation did not come in until the 80s and how about reducing politicians life long pensions first.Yes starting with you Scott Morrison

    25 REPLY
    • Absolutely agree he doesn’t have to worry about utility bills medical and to have to through no fault of mine rent privately so wish I have his have worked all my life still do at 69

    • I can’t remember when it started, but the early super money was lost when you left your employer.

    • The mandatory employer contribution started in the 80s. I was in a super fund from when I started work in 1970.

    • Also if you were part time casual then you got no super and a lot of employers did this . Add to that health changing etc tgen the only thing is the pension. Maybe took wrong job should been a pollie, woukd be fine now

    • Superannuation became mandatory in Australia in 1992 under the ruling of the Keating Labor party. Most people never had Super until then and casual workers never got Super till even later than that

    • When I left work 30years ago to have my children our superannuation was paid out to us. I have never returned to work as my work was for my family & home. I will be on age pension next year.

    • especially those of us who have worked hard all these years and brought a family up and paid our taxes, the pension has to be there for us.

    • Michaele Dionysius But you lived in an era of plenty of work, and three or four housing booms.

    • I think if you look at this carefully it’s aimed at the next generation of workers who will have had super their entire working life rather than those who are retired or retiring in the next few years. Compulsory super was always meant to replace the age pension eventually.

    • Women in particular who were raising families and may have worked part time or casual were seriously disadvantaged. I am 61 and didn’t start accumulating super until I was 40. I salary sacrifice but still won’t have enough. People my age have worked their whole lives, paid their taxes and should be entitled to a pension.

    • I lost my husband suddenly and his super which wasn’t much at that time went on his funeral expenses. When I lose my son suddenly 5 years later my super again which wasn’t much went on his funeral.

    • When are all you politians going to do the same….eh …one rule for them and then one for us… get richer at the expense of everyone else. Bet they don’t lose a thing….

    • Julie Frost super did not start until 1993 prior to that was the productivity based scheme(MUST) run by the unions had a non compulsory contribution of 3% and if the employer could prove productivity was not up to scratch then the contribution was not made. Then of course with the current scheme the employers are not obliged to pay your super contribution on a regular basis…such as their BAS statement or their group tax payment…therefore your super fund is not progressing at a proper rate. So even now are lot of people are being deprived of future eanings on their current super savings.

    • Rosemary Miles YOU ARE SO RIGHT SO MANY ON THIS POST HAVE READ THE HEADLINE AND JUST GONE INTO RAGE ..SUPER WILL BE FOR RETIREMENT IN THE FUTURE not to spend then get a pension.. that is why it was bought in .to ease the cost of pensions in the future

    • My son worked for two different bosses who rorted their own business, then went into receivership. Neither paid his compulsory Super. The Tax office investigated and told him “Sorry, we can’t get your money for you”. Disgraceful conduct, those guys walked away laughing.

    • If this is aimed at future generations,then come out and say so please Scott Morrison, before you cause a collective Blood Pressure Blow Out!

    • I know your Australian surely you paid tax all your life whilst working! In NZ we paid a a Taxi called PAYEE. This was every week you had worked some of that tax was for the super
      But like your government the same happens in NZ. The government changes the rules all the time. But like you people we were the baby boomers after WW2. like NZ loads of men returned to there homes
      Government got the solders jobs and life in both got going again. Because we are the baby boomers the Government doesn’t know what to do with us as there’s thousands of us. There problem they didn’t look to the future. And it will happen again the post post boomers. Our Children.

  9. Well if the liberals are voted in next election this is going to be a reality not just words. Plus the increase of medication and cuts in Medicare yep pensioners will be well and truly stuffed.

  10. he is an idiot , all older australians worked for the right of pension ergo we worked for lazy politikers as well

Leave a Reply

Your email address will not be published. Required fields are marked *