Commentary

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Reverse mortgage is key to reform

27 Apr 2015
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The retirement system is failing to deliver the living standards it could for many retirees and pensioners, while costing taxpayers an increasing — and increasingly unsustainable — amount.

The pension is the single largest expenditure of the federal government, costing $42 billion a year. The latest Intergenerational Report predicts an almost four-fold real increase in expenditure under current pension policy by 2055. Despite this, the age pension was quarantined from Patrick McClure’s review of the welfare system, and the recommendations of the Commission of Audit have been ignored.

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Published year only: 
2015
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