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Australian Government Considers Large Scale Roll-back of Pension Access

Posted: April 5th, 2015 | Author: | Filed under: Australia, Politics, World of the News | Tags: , , , , , | Comments Off

Australian Government Indicates Large Scale Roll-back of Pension AccessIn its hunt for savings, the Australian Government is “seriously considering” a proposal to tighten the assets test for retirees, shaving hundred of millions off the ballooning cost of the pension system.

At the moment, retired couples who own their home, and with other assets up to $1.1 million still qualify for a part pension, a position many consider untenable. The Social Services Minister Scott Morrison has strongly indicated he will look at scaling back access to the pension for wealthy Australians as an alternative to the Government’s current plan to change the rate of indexation.

In the backflip – the government pledged, via last years budget, to decouple pension rises from the ‘average (male) earnings’, instead linking them to the rate of inflation, saving the government almost $450 million a year – cutting into pension payments by as much as $80 a week – might get the boot?

Social Services Minister Scott Morrison said last week that he wanted “modest, incremental change” to the pension system, though he is still standing by last year’s budget measure and an attempt to raise the pension age to 70 – which has also stalled in the Senate :: Read the full article »»»»

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    Australia to Sign-up For China-based Asian Infrastructure Investment Bank

    Posted: March 28th, 2015 | Author: | Filed under: Business News | Tags: , , , , , , | Comments Off

    Australia to Sign-up For China-based Asian Infrastructure Investment BankThe Australian Federal Government will sign a memorandum of understanding that will allow Australia to participate in negotiations to set up the $100 billion China-led Asian Infrastructure Investment Bank – AIIB.

    The Beijing-based bank was launched late last year and is designed to help finance development projects like road, rail and power infrastructure in the rapidly growing Asian region.

    More than 20 countries have signed on as founding members.

    In the past month, major Western powers including Britain, France, Germany and Italy have also announced their intention to join.

    Australia had resisted joining, but a joint statement from Prime Minister Tony Abbott, Foreign Affairs Minister Julie Bishop and Treasurer Joe Hockey said the Government would sign the MOU that would allow Australia to participate as a prospective founding member :: Read the full article »»»»

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      UPDATED! Jeremy Clarkson, Top Gear Presenter Booted by BBC

      Posted: March 28th, 2015 | Author: | Filed under: Grilled Auto News, Grilled Motoring News | Tags: , , , | Comments Off

      Jeremy Clarkson, Top Gear Presenter Booted by BBC
      Outspoken British presenter of the Top Gear motoring show, Jeremy Clarkson, has been suspended by the BBC after he was involved in a “fracas” with a producer.

      Clarkson, who has generated both controversy and profits for Britain’s publicly funded broadcaster, was already on a final warning over accusations last year that he had used racist language while filming the show :: Read the full article »»»»

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        Renault on Brink of Quitting F1 Over Engine Stoush

        Posted: March 28th, 2015 | Author: | Filed under: Grilled Auto News, Grilled Motoring News | Tags: , , , , , , | Comments Off

        Renault on Brink of Quitting F1 Over Engine StoushFrench auto-giant Renault has said it is reviewing all its Formula One options, including quitting the sport or buying the Toro Rosso team, after stinging criticism of its engine.

        The car maker has been at loggerheads with main partners Red Bull since Mercedes decisively ran-away with the season opening Australian Grand Prix earlier this month.

        Despite signs of improvement in Friday practice at the Malaysian Grand Prix, Renault Sport F1 managing director Cyril Abiteboul did not pull any punches when asked at a news conference about the situation.

        Renault supplies power units to former champions Red Bull and sister team Toro Rosso, its only remaining clients after Caterham folded and Lotus switched to Mercedes :: Read the full article »»»»

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          Soyuz Spacecraft Launches For Year-long Mission With Russian, US Team Onboard

          Posted: March 28th, 2015 | Author: | Filed under: Cankler Science News | Tags: , , , , , | Comments Off

          Soyuz Spacecraft Launches For Year-long Mission With Russian, US Team Onboard

          A Russian Soyuz spacecraft carrying three crew, including a US astronaut and a Russian cosmonaut who will be the first to spend an entire year on the International Space Station, blasted off on schedule, Russian mission control says.

          The Soyuz-TMA16M spacecraft took off from Russia’s Baikonur Cosmodrome in Kazakhstan and is headed for the International Space Station :: Read the full article »»»»

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            Tech-Galaxy Radiates with Rumors of Samsung AMD Takeover

            Posted: March 28th, 2015 | Author: | Filed under: Technoid, Technology | Tags: , , , , , | Comments Off

            Tech-Galaxy Alight with Rumors Samsung AMD Takeover Iminent
            The tech-galaxy if rife with rumors of Samsung’s eminent takeover of chip-maker AMD. Could future Samsung phones and tablets be about to get a serious boost in muscle.

            Is there any substance to today’s rumor that Samsung is considering acquiring AMD? :: Read the full article »»»»

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