Summary of proposal
Party
Australian Greens
Policy Topic
Social welfare
Portfolio
Social Services
This proposal would reduce the Age Pension age eligibility to 65 as per the progression below.
| Current | Proposal | |
|---|---|---|
| 2023-24 | 67 years | 66 years |
| 2024-25 | 67 years | 65 years and six months |
| 2025-26 | 67 years | 65 years and six months |
| 2026-27 and onwards | 67 years | 65 years |
The proposal would have effect from 1 July 2023, and would apply the higher Age Pension rates as per ECR558 – No One in Poverty to newly eligible Age Pensioners who do not receive an increase in income support under that policy.
Adding the financial impact of this costing (ECR559) to ECR558 provides the combined cost of lowering the Age Pension age of eligibility and all of the changes to the income support payments under ECR558.