Original media release, COTA (25/08/2023).
Patricia Sparrow, Chief Executive Officer of COTA Australia says the intergenerational reports crystalises the fact that we have a policy design challenge to ensure we harness older people to support the growth and improvements of our nation.
“Given the long-term outlook outlined in the Intergenerational Report, a renewed focus on fundamental services and systems such as retirement incomes, health and aged care is crucial,” Ms Sparrow said.
“The Treasurer outlined his government’s commitment to focusing on both the retirement, as well as the accumulation, phase of superannuation which is overdue and welcome.
“COTA Australia has been calling for action to support older people better plan for retirement. Financial literacy and retirement income products are key elements to make sure people are confident to spend more than the legislated minimum draw down and support them to have a dignified retirement.”
Ms Sparrow said it’s also crucial action is taken to address ageism and other issues preventing older people from maximising the contribution they wish to make to society.
“Older Australians are a resource with valuable experience and expertise that can and should be shared. Without harnessing that we’re robbing every generation.
“Older people can and do continue to contribute to the economy. However, ageism keeps older people who want to work out of our workforce.
“We look forward to seeing the Federal Government’s Employment White Paper and how it intends to give older workers choices and chances. Addressing ageism will have to form part of that approach so that older Australians can make the meaningful contribution they want to.”