Centenary of the Age PensionPrint Page
|Address:||Langton Crescent, Treasury Place, Parkes, 2600|
|GPS Coordinates:||Lat: -35.297918|
Note: GPS Coordinates are approximate.
|Actual Event STart Date:||01-July-1909|
|Actual Event End Date:||01-July-2009|
|Actual Monument Dedication Date:||Monday 6th July, 2009|
Centenary of the Age Pension
For those who built this nation, from those who inherit it
On 10 June 1908, the Invalid and Old-Age Pensions Act 1908 received Royal Assent. It was landmark legislation that placed Australia at the forefront of social policy and entrenched the notion of a fair go in the Australian conscience.
When it began on 1 July 1909, the Age Pension was modest in its reach and its rate. It provided up to £26 a year to men and women who were 65 years of age or over.
By July 1910, there were 65,492 age pensioners receiving a pension of up to 10 shillings a weeek : the equivalent of 18.1 per cent of the 1913 male avergae weekly wage.
The Age pension is at the heart of Australia`s income support system. It acknowledges the contribution made by older Australians to our nation`s prosperity and it reflects the commitment that Australians have to each other`s welfare.
Major reforms to the pension system in 2009 coincided with the centenary of the Age Pension system and included the setting of a new benchmark for the maximum single rate of Age Pension at 27.7 percent of male total average weekly earnings. In 2009 terms, this provides around $17,500 a year or more than five times the original rate of Age Pension. In 2009, there were more than 2 million age pensioners.
This seating alcove celebrates 100 years of the Age Pension. Its design is based on the 1910 Australian shilling. The Coat of Arms depicted on the pavement is the Commonwealth`s first, officially granted by King Edward VII on 7 May 1908. The current Coat of Arms, which is depicted above, was granted by King George V on 19 September 1912.
This plaque was unveiled on 6 July 2009 by the Minister for Families, Housing, Community Services and Indigenous Affairs, the Hon Jenny Macklin MP
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