What the budget means for you

The Federal Budget 2018–19 was released on 8 May and included several measures that will impact older Australians.

Wood Glen Retirement Village residents with Prime Minister - RetireAustralia

Wood Glen Retirement Village residents recently had the opportunity to discuss the Federal Budget with Prime Minister Malcolm Turnbull 

Financial freedom

Retirees will be better enabled to access their super savings with a retirement income framework put in place as part of the Budget to mature the superannuation system.

There will also be extensions to the pension loan scheme, allowing people to borrow a higher proportion of their pension against the equity in their homes.

Safety

The Budget included funding for new measures to protect older Australians from elder abuse, including specialist support services and a national register for enduring powers of attorney.

Health & wellbeing

Subsidised health checks for 45-and 65yearolds and $30M in funding to boost physical and social activity indicates older Australians’ health and wellbeing is a focus.

Care

The My Aged Care system will be improved to streamline the process of accessing governmentfunded care and researching available care options.

Additionally, 14,000 high level home care packages will be available by 2021–22 to help address the home care package waiting list. More than 100,000 people were on the list in December 2017.

Aged care funding in several areas will also be boosted over the next four years.

 

Overall, the Budget indicates the government is beginning to address the challenges of our rapidly ageing population and consider the needs of current and future older Australians.

Prime Minister Malcolm Turnbull recently held a forum for Central Coast seniors at Wood Glen Retirement Village, where several RetireAustralia residents had the opportunity to discuss the Federal Budget and the issues that matter most to older Australians.

Read more about the Budget at budget.gov.au

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