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17    Family and Community Services—Pension Loan Scheme

Senator Lazarus, also on behalf of Senator Lambie, pursuant to notice of motion not objected to as a formal motion, moved general business notice of motion no. 966—That the Senate—

    (a)   notes that:

                  (i)   the Pension Loan Scheme is currently available on a voluntary basis to retirees, and has been in existence since 1985,

                 (ii)   the scheme is not currently available for retirees on the full rate age pension, and

                (iii)   the Parliamentary Budget Office has costed extending the scheme, which could unlock $2.8 billion of home equity to boost retirement incomes, at a cost of $23 million over the forward estimates, with a positive budget impact in later years; and

    (b)   calls on the Government to investigate extending the availability of the Pension Loan Scheme to Australians who receive the full age pension, and increasing the maximum payment rate under the scheme.

Question put and passed. All Government senators, by leave, recorded their votes for the noes.