Huge inequity exists within the older generation of Australians, says former Liberal minister Christopher Pyne, now Chair of Council on the Ageing. Source: The Weekly Source.
Presenting the findings of COTA’s fourth biennial State of the Nation survey at the National Press Club on Wednesday, Mr Pyne said, “Financial security, housing stability, health, digital access, confidence and social connection vary dramatically among people aged 50 and over”.
“Nearly one in four older Australians are living in poverty,” a finding “completely incompatible with the cliché of universal boomer wealth,” he said.
Poverty is defined as household income below 60 per cent of the median of the survey sample, which was 2826 Australians aged 50 to 99 years. Wealthy is defined as annual income of $200,000 or more, or savings and investments of $500,000 or more.
Those living in poverty tend to be older renters (54 per cent live in poverty), women (29 per cent), living with a disability (40 per cent), or living alone (33 per cent).
The survey found only 28 per cent of older Australians are wealthy.
Just over half (54 per cent) of those fully or partially retired rely on government benefits as their main source of income.
The greatest indicator of poverty is “largely people who are either still renting or still paying off a mortgage when they’re older”, Mr Pyne said.
His presentation touched on the recent aged care reforms, which came into effect on November 1, 2025.
“We’ve heard growing concern from older people and their families about the implementation of the aged care reforms, including concerns about older people having to pay for basics like showering and about waiting lists for support being far too long,” he said.
“No one should ever have to wait longer than 30 days for the basic care that they need,” he said.
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One in four older Australians living in poverty: Christopher Pyne (By Caroline Egan, The Weekly Source)
