This year, $44 billion will be spent on the Age Pension. The chamber wants the government to consider converting pension payments to elderly homeowners into a loan that is repaid when the property is sold.
‘Don’t wait until the system breaks’: ACCI chief executive Kate Carnell
The nation’s peak business chamber has urged the government to use the May budget to curb spending to avoid a “crippled” economy relegating Australia’s next generation to the painful adjustments needed in Spain and Greece.
As Malcolm Turnbull and Scott Morrison shun radical tax reform, The Australian can reveal new calls for the government to find extra spending cuts, including by tightening the means tests on several social-welfare programs that cost billions of dollars a year.
The Australian Chamber of Commerce and Industry’s pre-budget submission, to be released today, says unless public spending “is brought under control, the Australian economy will gradually be crippled…
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