Greens to push for lower retirement age if they win balance of power

The Greens will push for retirement age to be lowered from 67 to 65 should they take the balance of power at the election.

Retirement age would be lowered from 67 to 65 giving more than 500,000 Australians earlier access to the pension under a policy the Greens will push for should they take the balance of power at the election.

The plan, to be announced by the Greens in Queensland on Friday, would cost nearly $5.6bn over the forward estimates according to official costings.

It comes on top of an existing Greens commitment to increase the aged pension to $88 a day.

The Greens’ plan effectively works to wind back aged pension qualification changes put in by Labor in 2009, which was to increase the eligibility age by six months every two years so that by 2023 a person would have to be 67 years old before they qualified.

The Greens indicated their decision to announce the policy in Queensland — where changes to aged pension qualifiers would affect more than 100,000 people — was a sign the party was optimistic about picking up another senate seat.

It is also adamant it can win the inner-city Labor held seat of Griffith, though political experts have repeatedly asserted this is highly unlikely.

“Nobody should be forced to work forever in this country, and nobody should retire into poverty,” Greens leader Adam Bandt said.

“In balance of power, the Greens will fight to restore respect and dignity in ageing, and ensure that it’s rest and revitalisation, not poverty, awaiting people at the end of their working years. By making billionaires pay their fair share of tax, older Australians can retire earlier with dignity.”

Originally published as Greens to push for lower retirement age if they win balance of power