All pensions and allowances must provide for a modest standard of living. Pensions and allowances must ensure that income support recipients with little or no private income can cover the cost of essential goods and services.
There should be an equitable and adequate retirement income strategy to cater for the many people for whom superannuation will not provide sufficient income for a modest retirement.
A report (Financial Advice: Review of how large institutions oversee their advisers) by the corporate regulator into the financial planning arms of the Commonwealth Bank, the National Australia Bank, Westpac, ANZ and AMP found 185 planners were "dishonest, illegal, deceptive and/or fraudulent" in their dealings with customers.
The much maligned Social Services Legislation Amendment (Omnibus and Child Care Reform) Bill has been withdrawn.
CPSA was asked why the deeming rates had stayed as high as they have, even though the Reserve Bank’s cash rate has gone down.