Superannuation Discussion + market volatility

[CaptJCool]

June 2025 figures for Age pension are available

 

[Quickstatus]

Rumours that the govt considering adjusting the OAG pension access rules by reducing the amount of assets held one can hold outside the family home - this would primarily affect those who have part super and part OAG.

 

[mrsterryn]

Rumours that the govt considering adjusting the OAG pension access rules by reducing the amount of assets held one can hold outside the family home - this would primarily affect those who have part super and part OAG.

It wouldn't just be the age pension , there is carers payment and disability support pension which all come under the same flag so to speak

 

[CaptJCool]

Rumours that the govt considering adjusting the OAG pension access rules by reducing the amount of assets held one can hold outside the family home - this would primarily affect those who have part super and part OAG.

Yeah that was reported in the Australia’n today

Adjusting thresholds reduces the OAG financial liability WITHOUT raising taxes

 

[mrsterryn]

I don't understand why deeming is so low currently on financial assets under the social security system. I was quite surprised when they didn't increase the deeming rates this past July 1st .

 

[CaptJCool]

I don't understand why deeming is so low currently on financial assets under the social security system. I was quite surprised when they didn't increase the deeming rates this past July 1st .

A sop to the 2 million age pensioners who own their home who vote LNP

 

[burmans]

I don't understand why deeming is so low currently on financial assets under the social security system. I was quite surprised when they didn't increase the deeming rates this past July 1st .

With interest rates going down, would have been brave.

 

[RSD]

I don't think that we will need to worry about market volatility - DT is going to make sure that the numbers are really beautiful so that should prevent any volatility...

 

[mrsterryn]

With interest rates going down, would have been brave.

At the least they could have gone up half a percent. Especially when superannuation (age pension who are having it assessed ) are getting significantly higher returns on their investments for the most part

 

[CaptJCool]

So the 2 other insights in the OAP conversation

The census data from August 2021



The people turning 67 today were 63 in 2021
In that data, the 60-64 group no more than 290,000 (less deaths around 9,000 per year 60- 70,000 per quarter would be turning 67 this year yet the OAP for that age group has reduced slightly each 3 months.
About 1,400,000 in the cohort
So 720,000 in the age 67-69 of which 349,000 are on OAP
48% and reducing

The other group is the over 85s
They get afflicted with the surviving spouse outcome, they are living longer (and a few cut off because they didn’t sell the house when they went into aged care and after 2 years, it is cut off)
There’s no more than 980,000 in that cohort less a substantial amount of deaths)
For 2023 Deaths, Australia, 2023
71,000 deaths for those ages 85 & over
So 280,000 deaths over 4 years

700,000 aged over 85 alive
Around 470,000 are on OAP
67%

 

[Quickstatus]

So the 2 other insights in the OAP conversation

Can you provide a take home message please thanks

 

[OATEK]

A sop to the 2 million age pensioners who own their home who vote LNP

Government has had 2 elections to change, and even now seem reluctant.