Australia’s biggest pensioner postcodes have a regional flavour

Eight out of ten of the most popular postcodes for pensioners are outside cities. But one state is proving more enticing  | SEE WHERE THEY ARE

Age pensioner numbers have shrunk in Victoria and New South Wales as seniors head north and west while enjoying richer retirements.

Australia’s ageing population has defied fears it would create a huge welfare bill, as new data from the Department of Social Services shows in the past five years age pension recipients rose just 2 per cent to 2.59 million.

However, the number of people with a Commonwealth Seniors Health Card has jumped 49 per cent to 424,500.

Queensland contains four of Australia’s top five age pension postcodes – all in regional areas. Bundaberg, Hervey Bay, East Toowoomba and Caloundra sit within Australia’s only five postcodes with more than 10,000 pensioners.

Social researcher Mark McCrindle said Queensland had strengthened its position as “Australia’s retirement hot spot”.

“It’s not just the city of Brisbane – more than half the population of Queensland lives outside its capital.”

Social researcher Mark McCrindle says super is doing its job. Picture: Jordan Shields

Queensland added 36,858 age pensioners between March 2016 and March 2021, while NSW lost 1130 and Victoria lost 4512 Western Australia added 21,195 pensioners, South Australia 4503, Tasmania 2589 and the Northern Territory 1280.

Mr McCrindle said the surge in Commonwealth Seniors Health Card (CSHC) holders suggested a rising number of seniors were asset rich. CSHC holders can have unlimited assets and its only financial barrier is a generous income test in which a couple earning $89,000 can still get the card and its attached benefits.

“The Baby Boomers are increasingly self-funded,” Mr McCrindle said.

“It’s a sign that superannuation is doing its job and property investment is doing its job.”

Association of Independent Retirees president Wayne Strandquist said just 50 per cent of people retiring today were relying on a full or part pension and the trend away from government welfare would continue.

“The proportion of people on a full age pension is diminishing,” he said.

Mr Strandquist said the CSHC was historically only held by age pensioners, but had been boosted by seniors groups urging retirees to check their eligibility, plus the government giving cardholders access to Covid stimulus payments last year.

“More and more organisations such as ours are campaigning among our memberships to make them aware that the Commonwealth Seniors Health Card and its benefits is a very useful thing to have,” he said.

“It’s becoming much more valuable beyond the pharmaceutical benefits.”

State governments are increasingly allowing CSHC holders to access discounts in areas such as transport, council rates and energy bills.

Council on the Ageing chief executive Ian Yates said more Baby Boomers were delaying retirement.

“A significant proportion of people between pension age and their 70s are still working, not necessarily full-time but it takes them out of the pension system,” he said.

“More people are retiring with more superannuation and other assets, and may return to the pension system later.”

Mr Yates said the latest data echoed the recent Retirement Income Review’s findings that the age pension was affordable to the nation for “as far forward as you can see”.

“The government and opposition ought to be thinking about reassuring future retirees that the pension is sustainable,” he said.