Another pensions bill before parliament

The federal government has re-introduced a pensions measure to cap defined benefit income streams.

One of the measures the Abbott government split off its main pensions legislation has been reintroduced to parliament.

The government wants to save $465 million by imposing a 10 per cent cap on defined benefit incomes, which can be excluded from the test to get the pension.

Labor supports the plan, which was originally part of the package to tighten the assets test - and approved by parliament on Monday - ensuring it will pass the Senate.

Social Services Minister Scott Morrison said together with the abolition of the seniors supplement and tightening of pension eligibility, the measures would reap almost $4 billion in budget savings.

"That means the have-a-go budget is having a go," he told parliament.

The bill passed the lower house in just over an hour with only independent MPs Andrew Wilkie and Bob Katter voting against it.


Share

1 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world