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8% for Pensioners: Tim Fischer



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8% BOOST FOR PENSIONERS; TIM FISCHER

All pensioners will be at least $24 a week better off under the Coalition's Fightbackl policies, as all pensions will be increased by 8%.

Federal leader of the National Party, Tim Fischer said this today whilst addressing a Retiree and Superannuant Seminar on GST at Moama - Echuca.

"All pensions including age, disability, veterans, war widows and sole parents will increase by 8% under Fightbackl.

"The Fightbackl Package contains specific measures to assist aged pensioners, retirees and low income earners, including:-* A lifting of the income tax threshold limit from $5,400 to $7,000 and generous tax cuts.

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A special cash cheque up to $2,500 for singles and $5,000 for couples over 65 under $30,000 annual income to compensate for Ihe GST effect on savings.

!A pharmaceutical benefits concession card which will be available for those over 65 earning less than $50,000 P.A, saving up to $250 P.A.

A special tax rebate on private health insurance with an extra rebate if you are over 65.

Capital gains relief for modest investors and sale of a small business on retirement.

* Cheaper petrol (around $11.40 a tankful cheaper)

* No tax on up to $2,000 interest on new savings for couples and $1,000 for single people (annual income under $50,000)

* No GST on health services or local government rates.

"The lifting of the income tax threshold is particularly important. The Keating Government has failed to lift the threshold, however the Coalition will lift the threshold from $5,400 to $7,000 from 1 October 1994.

"This will pick up many part time workers including many women workers and thousands of retirees in a fair way, particularly when the other Fightbackl initiatives are considered.

Mr Fischer said that over the Labor years, pensioners have suffered 13 consecutive reductions in their income through official interest rate reductions. Many retirees are now digging into capital; however they now have a/clear cut decision to make, either labor's low tax threshold or the Coalition's $7,000 threshold.

ENDS 0 1 9 9 October 1992

for further information phone 06 277 4058.