A landmark 650-page report by former director of the International Monetary Fund (IMF) and Treasury Department senior bureaucrat Michael Callaghan warned that higher values could stifle wage growth, and would be ill-timed given the effects the pandemic has on the economy and rising house prices. .
The existing increase from 9.5 percent to 10 percent will take place next July, before gradually increasing to 12 percent in 2025.
The review suggests that Australians should access equity in their homes to support their retirement, while also suggesting removing pension tax concessions for the rich.
The people who hold the most pensions and get the most tax breaks are usually older and wealthier Australians.
