Retirement income and savings policies could be deciding factors in the coming federal election.
The Conservative Party will protect retirees against Labor's planned raids on their savings and negatively-geared investments.
The Australian reports, forty-eight per cent of the seats in parliament have a median voter age of 50 years or older. Twenty-five of those seats can be classified as marginal, with 10 held by the Liberal Party, 10 by the ALP and five by the Nationals. On the AEC definition, there are 47 marginal seats in Australia.
At the age of 50, men can expect to live to 83.1 years, and women to 86.1. Make it to 65 and life expectancy increases to 85.1 and 87.5.
That’s about 20 years living off your savings, which makes for a risk-averse cohort for whom adverse changes to rules around retirement and savings can mean a wasted lifetime of misdirected labour and financial strategy.
Who do Australians trust when it comes to savings? According to a poll of our virtual focus group by the Australian Institute for Progress, it is the Coalition by 45 per cent to 33 per cent against Labor.
Factors favouring the Coalition are perceptions of superior economic management, including being business friendly and tending towards lower taxes.
The groups most worried about their retirement were One Nation/Australian Conservatives voters and minor party supporters.
Thirty-eight per cent of One Nation/Australian Conservatives voters expected to be comfortable, versus 32 who don’t.
When we asked people about their preferred form of retirement savings, Australians put the family home above all else.
Seventy-four per cent nominated it as their first choice for retirement savings. It was followed by superannuation, then cash. Real estate, managed investments and shares were next. Last was owning a business.
That means policies that hurt real estate are likely to be more dangerous for Labor than those that touch superannuation.
Those policies are negative gearing and capital gains tax, which don’t impinge on owner-occupied housing but do affect the housing market generally.
That's why, to protect your retirement, you should vote "1" Australian Conservatives in the Senate.
Conservative Party leader Cory Bernardi told Paul Murray Live on Sky News, on top of the attack on retirees, Bill Shorten and Labor are planning to hit every Australian business by raising the minimum wage.
To read Graham Young's full article, click here.
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