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Thursday, 8 November 1973
Page: 1645


Senator YOUNG (SOUTH AUSTRALIA) -I ask the Minister representing the Minister for Social Security whether he is aware that the current greatly inflated property values are making the present level of allowable assets for pensioners unrealistic? As this is so, will the Government consider increasing the value of allowable assets for pensioners so that these people will not be further disadvantaged by the current inflation?


Senator Douglas McClelland (NEW SOUTH WALES) - It is a fact that property values do make inroads into the value of pensions payable to pensioners as indeed they make inroads into the value of workers' wages generally, having regard to the fact that rates assessed by local government organisations are based on property values in a given area. The honourable senator will be aware that in the policy speech of the Prime Minister delivered before the last election the Labor Party undertook to increase pensions at the rate of $1.50 in each sessional period of the Parliament until the value of pensions had reached 25 per cent of average weekly male earnings. We have carried out that policy in the 2 periods of the Parliament since we took office. We will continue that policy until the value of pensions is 25 per cent of average weekly male earnings. Therefore, in that respect, the value of the pension will have some relationship to living costs generally.







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