COTA Australia

Industry funds played a deft hand when the bulk of their members were in the accumulation phase. With members now retiring in growing numbers, a new skill set is urgently needed – and the reforms to overhaul the decumulation phase announced by Treasurer Jim Chalmers could help.

Merchants’ card payment costs and surcharges are hurting seniors in their wallets and purses, especially as cash transactions dwindle. This could be set to change with two powerful statutory bodies setting inquiries into motion.

An Australian Human Rights Commission study released this week is highly critical of the fourth estate for its coverage of ageing issues, citing a disproportionate focus on tensions between older and younger generations around wealth and finance as one obvious example.

The Aged Care Act, achieved with rare political cooperation, will put residential and home care on a more sustainable basis with individuals’ contributions more closely attuned to their financial position.

A landmark report by the Australian Human Rights Commission has uncovered a frightening lack of understanding about a financial enduring power of attorney. Now it wants federal, state and territory governments to usher in complementary legislation – urgently.