Retirees on a pension begin to lose it if they earn over $227 a week, yet the rules for older workers are very different in New Zealand. If Australia adopted New Zealand's approach we could have an extra 500,000 willing workers, writes Peter Martin.
A watch and act warning is in place for Cypress Gardens and Millmerran Downs in Queensland. It is not safe to return. Keep up to date withThe Australian government has just made it a little bit easier, increasing the amount you can earn per year from work before losing some of your pension by $4,000 on an ongoing basis.
But it's doing an underwhelming job. In Australia, 15.1 per cent of the population aged 65 and older are in some kind of paid work, up from 14.7 per cent a year earlier. Plus tax, this means they lose a total of 69 per cent of what they earn over the limit where their tax rate is 19 per cent, and 82.5 per cent on the portion of earnings taxed at 32.5 per cent.Last year's jobs summit also set up a Women's Economic Equality Taskforce. It reported this week, drawing attention to the "disincentive rates" facing second earners who return to work after caring for children.
There were 2.6 million Australians on the age pension in June this year. Only 83,925 reported income from working. That's just 3.2 per cent.What's different about New Zealand is that New Zealand's pensioners don't face a penalty if they work. They simply face income tax.Sam Neill opens up about why he's "not really interested" in his cancer and why the thought of retirement is "horrifying".In New Zealand, the age pension is paid to everyone of pension age.
At the end of March, there were 18 Australian $100 notes in circulation for each Australian resident, an astonishingly high proportion given the use of cash for transactions is collapsing.
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