The age of entitlement is over because of the following historical facts.
During the Menzies era, there were 16 tax-paying workers for every aged pensioner. Today there are only 4.5.
Average life expectancy was 68 for men and 72 for women. Today it is over 80.
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READ NOWWomen had on average three children, whereas today it is 1.6 for Australian-born women.
The divorce rate was 5 per cent, now it is 40 per cent.
Paying taxes and health insurance are not savings for old age. Superannuation for employees is but it is only compulsory for the employer.
What many in the ageing population have done very well is to invest in the family home, which has yielded extraordinary tax-free capital gains.
Total assets for pensioners now average $800,000 per person or couple. That’s more than enough for many of us to make a big contribution to our retirement expenses.
Surely, Dr Jones, the time for a debate was 30 years ago.
The most vulnerable people in our community are the young.
They have to find long-term work, save for a house and plan to raise the next generation of children, just as the baby boomers did 50 years ago.