With nearly half of Australians now over 50, you might expect the big political parties to be rolling out bold promises for older voters – especially with the rising cost of living front and centre in the 2025 Federal Election campaign.
So far, both Labor and the Liberal/National coalition are vowing to tackle inflation and cost pressures, which have sharply increased during the Albanese Government’s term. But for many retirees, the financial strain is already being felt.
“In villages, people are struggling to pay their fees. Some are skipping meals or afraid to turn on the heater. The cost of living increases here are just as harsh as they are in the suburbs,” says Judy Mayfield, President of the Association of Residents of Queensland Retirement Villages (ARQRV).
“On top of that, aged care and home care services are getting more expensive. When one partner goes into care, the other is left facing rising costs with reduced income from their super.”
The hidden costs of downsizing
Craig Bennett, President of the NSW Retirement Village Residents’ Association, is pushing for reforms to make downsizing easier and fairer for retirees.
“When a retiree sells their home, the proceeds, often used to fund their retirement, are counted as assets when calculating pension eligibility,” he explains.
“This discourages people from downsizing because they risk losing some or all of their pension. We need changes that remove those penalties and more rent assistance and Home Care Packages to support older Australians.”
Cost of living tops the list
COTA Australia, one of the nation’s leading ageing advocacy groups, is calling for bold election promises from all parties – starting with a Seniors Dental Benefit Scheme.
They’ve been surveying older voters across the country and found the top three concerns heading into the election are:
- Grocery and daily living costs
- Energy and utility bills
- Healthcare and medications
“Cost of living pressures are biting hard, especially for people on fixed incomes like the pension,” says COTA Australia CEO Patricia Sparrow.
“We’ve seen some encouraging policy announcements, but voters want more. Real action on dental care, affordable housing, and targeted support is needed now.”
Tackling ageism
Older Australians are also calling for a national plan to combat ageism. According to COTA, six in ten people aged 50+ believe Australia needs a coordinated response to the challenges of an ageing population.
More than 70% believe ageism is a major barrier to employment. Among those not currently working, that figure rises to 75%.
“We’ve got an ageing population and an ageism problem. It’s a dangerous combination,” says Sparrow.
“Ageism affects everything, from healthcare access to job opportunities, and it doesn’t just hurt individuals. It affects the whole community.”
What’s next?
As the 3 May election approaches, retirees and older Australians will be watching closely to see which party offers the most credible and compassionate plan to support them – now and into the future.