ElderWeb

The Australian government is expecting a cash surplus of $1.5 billion in 2001-02, the fifth surplus in a row and the longest run of cash surpluses in almost 30 years. One response to this surplus are a number of initiatives targeted at seniors. The new budget includes a payment of $300 for people of Age Pension age who receive income support or are outside the taxation and social security system, an increase in the effective tax-free threshold for people of Age Pension age, an increase in income thresholds for Commonwealth Seniors Health Card, and extension of the telephone allowance and other concessions to all holders of a Commonwealth Seniors Health Card. In addition superannuation assets will be exempted from social security means tests for people aged between 55 years and the Age Pension age, and a payment of $25,000 will be made to Australian Defence Force Prisoners of War of the Japanese, civilian internees and detainees of the Japanese or their surviving spouses.