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Royal Commission – do we need another?

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I have been in Vietnam for the last few weeks, and when I left the country the “Royal Commission into Misconduct in the Banking, Superannuation and Financial Services” was in its last days of public hearings. On my return home I have been greeted with the Royal Commissions’ interim report.

From my perspective, the more interesting news story was the Prime Ministers announcement of a “Royal Commission into Aged Care Quality and Safety”. At present, we do not know the exact terms of reference as these will be developed after public consultations, which will include residents and their families.

Based on the Prime Ministers announcement, we broadly expect the Royal Commission into Aged Care will look at:

• The quality of care provided to older Australians, and the extent of substandard care
• The challenge of providing care to Australians with disabilities living in residential aged care, particularly younger people with disabilities
• The challenge of supporting the increasing number of Australians suffering dementia and addressing their care needs as they age
• The future challenges and opportunities for delivering aged care services in the context of changing demographics, including in remote, rural and
regional Australia
• Any other matters that the Royal Commission considers necessary

We do not know at this stage who will preside over the Royal Commission however this job would normally be assigned to a judge.

What is the difference between a Royal Commission and a normal court of law?
There are several very important differences;

1. Royal Commissions are established by the Governor General on advice from the Government, whereas courts are standing institutions
2. Royal Commissions are not bound by the rules of evidence that the courts are. These rules encompass the legal principles that govern the proof of facts in a legal proceeding
3. For witnesses there is no difference – they may be examined and cross-examined by legal counsel
4. Royal Commissions can make recommendations but cannot determine a person’s guilt or negligence. Whereas a court does not make recommendations but will make a final determination of guilt and impose a penalty
5. Witnesses may be compelled to answer questions in a Royal Commission and a court, but can only claim privilege against self-incrimination in a court

These are not the full detailed outline of the legal differences between the two, that would take far too much time and certainly too much paper.

The important principle to remember is that the Royal Commission will look at a wide range of issues, depending on the terms of reference. The community, residents, their families and providers will all get a chance to present a submission outlining their concerns and vision of the future for the aged care industry.

If a person does have a concern or an issue with an aged care facility or provider right now, you should be talking to the Aged Care Complaints Commissioner who provides a free service for anyone to raise their concerns about the quality of care and service. They can be contacted on 1800 550 552.

 

Source: Mark Teale | Centrepoint Alliance

Affordable housing – Is super the answer?

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In the 2017 Budget, the Government announced several measures designed to ease the pressure on spiralling housing prices, particularly in the East Coast capital cities of Melbourne, Sydney and to a lesser degree, Brisbane.

I will provide an update on two of the key measures contained in the 2017 Budget.

On 7 September, the Government tabled a Bill in the House of Representatives covering its first two measures.

  1. The First Home Savers Super Scheme (FHSSS)

This initiative is designed to allow intending first home buyers to save for their home deposit through superannuation and then withdraw the savings when the time comes to buy.

A broad outline of the scheme will allow additional contributions of up to $15,000 to be made each year with the maximum amount that may be withdrawn being $30,000 plus investment earnings. For a couple, multiply this by two.

Contributions may be concessional contributions, such as those made under a salary sacrifice arrangement or personal contributions where a tax deduction has been claimed. Or, they may be non-concessional contributions made from after-tax income. All contributions made under the scheme are subject to the usual contribution caps.

Contributions made by an employer in fulfilling their superannuation guarantee obligations – the 9.5% contribution – cannot be withdrawn under the scheme. Only voluntary contributions may be withdrawn.

The FHSSS came into effect on 1 July 2017, however, at the time of writing, the legislation has not been passed by the Parliament.

With that is mind, it might be prudent to wait until there is legislative certainty before making additional voluntary contributions that may be required for a home deposit.

Whether the FHSSS is an appropriate strategy will be very much dependent on individual circumstances. Some appropriate advice, before putting extra money into super, is vitally important.

  1. Downsizer Contributions

In an attempt to free up housing that is currently occupied by older Australians, the Government has introduced legislation that will enable people aged 65 and over, who have owned their home for at least 10 years, to contribute up to $300,000 of the sale proceeds of their home to superannuation as a non-concessional contribution.

These contributions will not be subject to the usual restrictions that apply to making non-concessional contributions.

Once legislated, this initiative is due to come into effect from 1 July 2018. It will only apply to home sales occurring on or after that date.

Whether this measure will make a meaningful difference to the supply of housing is questionable.

One of my biggest concerns is that the primary residence is currently exempt from the assets and income tests for the age and Veterans Affairs pensions. With a very high proportion of older Australians receiving either a part or a full pension, the implications of downsizing could be significant.

Selling the family home and investing any surplus proceeds from the sale into superannuation, or most other types of investment will see money that was previously exempt from means testing now being caught under the assets and income test.

In fact, a couple of modest means who own a valuable home could lose their age pension entirely if they sold their family home and contributed $300,000 each to superannuation as a non-concessional contribution.

However, contributing the surplus proceeds from the sale of a family home, to super will be quite appropriate for some.

Like so many of these initiatives that at first glance seem very attractive, the devil lies in the detail. Whether selling the family home and downsizing simply to get more money into super is an appropriate strategy, will depend on individual circumstances.

 

Source:  Peter Kelly | Centrepoint Alliance

Is retirement a sustainable proposition?

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Most Australians will be reliant on the government age pension to meet all, or a part, of their income needs for at least some of their retirement.

A small number of the population will remain self-funded retirees – for example; having no reliance on government funded income support (except for the Commonwealth Seniors Health Card).

However for the most part, at some stage in retirement, we will need to visit Centrelink and submit an application for the age pension.

The Australian age pension first became available to eligible folk once they turned 65 years of age – back in 1909. The Commonwealth age pension replaced pensions previously paid by the colonies (today known as our states and territories – before Federation).

However, the age pension is a relatively recent concept. It was in the mid-to-late 1800s that we started to see pensions introduced in parts of Europe by Otto von Bismarck, and for municipal employees (teachers, police, and firefighters), in the United States.

Like Australia – the American and European age pensions became payable to individuals once they reached a pre-determined age – generally between 65 and 70.

What was equally interesting was the fact that the average life expectancy at the time was around the same as the age of a person who would qualify for the age pension.

The governments back then worked on the theory they would only have to pay an age pension to those who survived until the qualifying age, and then it would only be payable for a relatively short period of time.

The Australian Bureau of Statistics estimated that in 2014 there were over 4,000 Australians aged 100 or older. This represented an increase of more than 260 per cent over the last two decades. In fact, today in Australia there are four living ‘super-centenarians’ (people who have lived up to, or over, 110!).

Even though we may not all live to be 100, Australians are living much longer than previous generations.

Today if someone passes away in their mid-to-late 70s it is seen as a tragedy that they died so young. Twenty years ago we would have said they lived a good and long life.

But what does a long life have to do with the age pension?

When the age pension was first introduced, it was designed to provide income in the final years of life when people were simply too old to work.

However today’s 65 year old is looking at 20 to 30 years of life ahead of them. Future governments simply will not be able to afford to pay an age pension to an increasing number of retirees who are living many years in retirement.

What might the future hold for retirement income and government support?

  1. Expect to see the qualifying age for the age pension increase over time. The age has already increased to 67 for people born after 31 December 1956. There have been suggestions, and even draft legislation supporting increasing the qualifying age to 70.
  2. Expect to use our own money first to support our retirement lifestyle and only then receive a government-funded age pension. Long gone are the days when we can amass large amounts of money in superannuation for the benefit of future generations.
  3. Don’t be surprised if the value of the family home is included when determining eligibility (assets) test for the age pension.
  4. We will all be working longer. Unless we have significant financial resources that enable us to fund our own retirement independently of the age pension, we will need to work longer.

If we desire a comfortable retirement that costs more than the age pension and our super may provide, some continued engagement in the workforce into our late 60s and even our early 70s may become a reality. Whether we remain an employee, or start our own business; and whether we work part-time or full-time; the options are endless.

Whatever we find ourselves doing – let’s make sure we enjoy it to the fullest.

 

Source:  Peter Kelly – Centrepoint Alliance

Dr Shane Oliver

Australia’s New Government

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Dr Shane OliverDr Shane Oliver comments on the key changes in the Coalition Government.

The policies of the new Government if implemented are likely to lead to smaller government, less regulation and over time improved productivity and economic growth.

 

  • Expect a mini-budget around November that may contain more aggressive budget savings.
  •  The historical experience combined with the more business friendly approach of the Coalition suggests a positive share market response over time.
  •  The key uncertainty relates to the new Senate

Read the full article about the key changes here.