Veterans’ pension indexation to remain unchanged - NSW Nationals

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Veterans’ pension indexation to remain unchanged

Federal Member for Calare John Cobb believes the Coalition Government has listened to concerns voiced by veterans and the ex-service community and will not proceed with changes to pension indexation in the 2014-15 budget.

“The proposed changes caused some angst among the veteran and ex-service community in Calare and we’ve taken that feedback very seriously and decided there will be no changes in the 2014-15 budget,” Mr Cobb said.

“There are more than 1,800 people receiving veterans benefits in Calare who play an important role in our community. I believe it’s important that they receive appropriate support and the entitlements they deserve.”

Mr Cobb stressed the need to reform Australia’s pension system remains a high priority and hopes a new set of proposed reforms will reduce the long-term cost of Australia’s support system.

“The Government will adjust the asset limits and taper rates for service pensioners who have a greater capacity to support themselves in their retirement,” Mr Cobb said.

“The new changes will benefit veterans who do not have significant private wealth, while continuing to make our system more sustainable.”

The decision means:

  • Indexation of service pension, veteran disability pension, war widow pension, wholly dependent partner payment and special rate disability pension will continue to be the greater of the Consumer Price Index (CPI), Pensioner and Beneficiary Living Cost Index (PBLCI) or Male Total Average Weekly Earnings (MTAWE).
  • Income test thresholds will continue to be increased each 1 July in line with movements in the CPI .

Mr Cobb said the private family home and other assets currently exempt from the asset test will continue to be exempt from these calculations.

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