1/3 of Australian pensioners live in poverty

After the most buoyant economic times in financial history, a report from the OECD (Organisation for Economic Co-operation and Development) shows one-third of Australian pensioners live in poverty. The report found the Australian government contributes less to old-age benefits than nearly all other OECD countries. The Australian government spends 3.5 per cent of GDP on the pension, well below the OECD average of 7.9 per cent.
The solution from the Australian government is to slash pension payments further. You can read the classic ASPD story here.

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