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Pensioners are hoarding cash?

Posted by: 2UE | 25 September, 2012 - 11:46 AM
How risky is it dipping into your Superannuation?

Are elderly pensioners not properly declaring their income and keeping extra earnings in cash in their homes to qualify for the pension? Stuart Bocking looks at claims of widespread rorting to obtain the pension.

Former Reserve Bank of Australia official Peter Mair has told Stuart Bocking there has been strong demand from pensioners wanting to swap cash amounts for high denomination notes, such as $100 notes, which make it easier to store large amounts of money.

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Mr Mair estimates the average pensioner couple could have up to $50,000 in undeclared $50 and $100 notes stashed in cash in their homes so they can access the pensioner discounts.

He has reportedly written to the RBA suggesting it phase out $100 and $50 notes to stop "tax avoidance".

PM falls ill on visit to New York

Julia Gillard and Hilary Clinton in Washington

PM Gillard has overcome illness to attend a gender-equality event in New York, alongside US Secretary of State Hillary Clinton. But an upset stomach forced her to cancel official events earlier in the day.

Liberals in power letting us down?

Are the political parties letting the voting public down?

Is the Liberal party structure falling apart behind the scenes? Jason Morrison looks at the tussle within the party over donations and fundings that have come to light. Is the party backroom letting down the public.

Blog comments Your Say

  • Phew reading these reviews it seem Australia has exactly the same internal problems as the old UK glad to know its just not us.

    Pat Parker Sunday 30 September, 2012 - 9:28 PM
  • Try looking in asian countries for large bundles of Aussie $100 notes.
    They are well thought of and coverted by our near neighbours
    I reckon they are smuggled out of the country

    Bruce Boa Friday 28 September, 2012 - 4:25 PM
  • Thats right blame the old and frail!

    I think is is in overseas money exchange booths in the streets of Bangkok where thousands of Aussies go every year to excape this over priced over Governed dictatorial stallag.

    Bikinis not burkas! Wednesday 26 September, 2012 - 3:16 AM

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