The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialStaff WriterSun 22 Nov 15

Downsizing Plan Headed In The Right Direction

s

The Property Council of Australia welcomes reports today that the Federal Government is examining ways to remove barriers for older Australians looking to downsize their home.

Executive Director, Retirement Living, Mary Wood said allowing seniors to unlock the equity in their family home is a critical policy step in the context of Australia's ageing population.

"Targeting reforms to the aged pension means test to remove the current disincentive to downsize is good public policy that will benefit seniors as well as making the pension system fairer and more sustainable," Ms Wood said.

"It's encouraging to see these ideas are on the table but we urge the government to ensure the choice of moving to a retirement village is respected in the reforms being considered.

"Older Australians need access to all retirement living options, and the penalty on downsizing should be removed for all pensioners, not just those who buy annuities.

"Retirement villages are already home to almost 200,000 residents - more than the total number of senior Australians who live residential aged care - and are becoming more and more popular."The Property Council has previously put forward a simple and fair reform proposal to make a highly targeted adjustment to the age pension means test, exempting up to $200,000 of home sale proceeds from the means test of age pensioners who:

  • are homeowners;

  • aged 75 or over;

  • receive the full age pension; and

  • purchase a cheaper home within 12 months.

ResidentialAustraliaPlanningPlanningSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
Two projects of six towers, including a 47-storey build-to-rent scheme, have moved ahead as Sydney’s second CBD grows up…
LATEST
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
2 Min
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/age-pension-means-test-reform