One Nation proposes to increase, the maximum basic couple pension payment by $150 per fortnight, with a flow through to the single aged pension and the disability support pension, the carer payment and service pensions.
The cost of this proposal according to the Parliamentary Budget Office would be about 10 billion dollars a year and involve a one-off increase in the Male Total Average Weekly Earnings benchmarking percentage, which forms part of the pension indexation arrangements.
Why increase pensions and similar payments?
The aged pension and related payments are intended to provide basic income support for Australians, but the reality is that most Australians relying on these payments are living below the poverty line.
While we support Australians saving for their own retirement, it is not possible for all Australians to do so and consequently we believe pensions should be increased.
We believe that most of the increased pension payments would be spent in Australia and that it would circulate through the economy in a way that benefits the whole economy.
How would it be funded?
The 10 billion dollars would be funded through reform of gas tax law and by moving multinational companies progressively out of the corporate tax system and placing them in a new transaction based system.