Retirees homes ruled out from pension asset test

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Family homes are not going to be a factor in the age pension asset test despite speculation, Social Services Minister Scott Morrison has confirmed.
 
Morrison said restricting wealthier retirees' access to the pension by means-testing their homes was seen by some to be a way to rein-in welfare spending.
 
"The idea that this Government would put the family home in the assets test for the pension is just not under consideration," he said. "This story is a complete furphy. Under no plan is there any idea to include the family home in the asset test."
 
Morrison’s comments come as research from the National Centre for Social and Economic Modelling said retirees aged 65 or over who have assets worth $2m or more still annually receive $500m in welfare benefits.
 
Treasurer Joe Hockey has backed Morrison’s stance and rejected the suggestion.
 
"We haven't considered it and there's no proposal and there are no plans ... I haven't seen anything to suggest that,” he said.
 
 

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