delete Invalid and Old-age Pensions Regulations (Amendment)
Amends the Invalid and Old-age Pensions Regulations, modifying rules governing eligibility, payment rates, and administrative requirements for means-tested government pensions for retirees and disabled Australians.
Government pension schemes funded by compulsory taxation crowd out private retirement savings, create bureaucratic overhead, distort labor market incentives (encouraging early exit from workforce), and undermine individual sovereignty over lifetime financial decisions. Means-testing creates high effective marginal tax rates that discourage saving and work effort. Australians would be better served by private superannuation arrangements with greater choice and lower compliance costs.