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Family homes could be used to kick people off the age pension
Topic Started: 5 Aug 2014, 09:20 PM (3,291 Views)
ThePauk
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'Reckon it's all totally fucked'.....lol
herbs, you make me smile. Good on you.
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herbie
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ThePauk
6 Aug 2014, 11:36 PM
'Reckon it's all totally fucked'.....lol
herbs, you make me smile. Good on you.
Nah, I've had a bit more of a think Pauk, and still reckon "it's all totally fucked" - So you can keep your Socialism - Count me out ... :)
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Timo
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peter fraser
5 Aug 2014, 09:20 PM
Family homes could be used to kick people off the age pension
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KICKING people off the age pension by including the family home in the asset test has been raised in Budget negotiations with Treasurer Joe Hockey.

Liberal Democrat senator David Leyonhjelm yesterday told Mr Hockey retirees should be using use reverse mortgages to unlock equity for their retirement, not rely on taxpayers.

He said people feared they would be forced to move, but a well-regulated reverse mortgage industry could give those who no longer qualified for the pension access to cash “with no risk of them being chucked out”, he told Mr Hockey.

A couple who own their home can have $279,000 in assets and a single pensioner can have $196,750 and receive the full pension, no matter how valuable their home is.

A couple can have up to $1,110,500 in assets, and a single person up to $748,250, and still be paid a part-pension.

“If you’ve got a million-dollar house, you should be releasing the equity in that house before you call on your fellow Australians to pay for your pension,” Senator Leyonhjelm said.

“And the problem, of course, is those pensions are being paid for by people who don’t own a house.”

Mr Hockey has been trying to garner crossbench support for his Budget before Parliament resumes this month.

“I will meet with anyone who is sensible and the independent senators so far are proving to be sensible,” he said.
FHBs paying to keep others in expensive properties again....


peter fraser
5 Aug 2014, 09:59 PM
Yep this is straight out of the Karl Marx playbook. It's a particularly abhorrent idea.

Once people understand what this means, all those people who scrimped and saved to pay off their homes and accumulate some savings for their retirement instead of living the high life, will just stop saving and they will spend it all. Why be penalised for trying to do the right thing, why not do the wrong thing and spend every dollar earned and then get the full pension, a pension supplement and rental assistance.

The senator is obviously on drugs.
I think its a pretty fair idea. If you live in a hugely expensive home, and still expect others who are struggling to put a roof over their own heads to foot your bills, then it's only fair you downgrade.
Edited by Timo, 7 Aug 2014, 08:23 PM.
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
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