One in four older Australians living in poverty: Christopher Pyne
Huge inequity exists within the older generation of Australians, says former Liberal minister Christopher Pyne, now Chair of Council on the Ageing (COTA).
Presenting the findings of COTA's fourth biennial State of the Nation survey at the National Press Club on Wednesday (4 February), Pyne said, "financial security, housing stability, health, digital access, confidence and social connection vary dramatically among people aged 50 and over".
"Nearly one in four older Australians are living in poverty," a finding "completely incompatible with the cliché of universal boomer wealth"," he said.
Poverty is defined as household income below 60% of the median of the survey sample, which was 2,826 Australians aged 50 to 99 years. Wealthy is defined as annual income of $200,000 or more, or savings and investments of $500,000 or more.
Those living in poverty tend to be older renters (54% live in poverty), women (29%), living with a disability (40%), or living alone (33%).
18% of older Australians rent, and 22% are still paying off their mortgage.
The survey found only 28% of older Australians are wealthy.
Just over half (54%) of those fully or partially retired rely on Government benefits as their main source of income.
The housing divide
"Housing is an enormous determinant of future wealth," Pyne said and must be addressed through Government policy.
The greatest indicator of poverty is "largely people who are either still renting or still paying off a mortgage when they're older", Pyne said.
Giving lie to the stereotype that older Australians live off property wealth, only 1% of older Australians report rental income as their main source of income, and 8% report it as their secondary source.
Access to healthcare
Access to healthcare was also a challenge for older people.
"Almost half of older Australians had difficulty accessing healthcare in the past year, mainly due to cost and long wait lists," Pyne said.
Cut aged care waiting list to 30 days
Pyne's presentation touched on the recent aged care reforms, which came into effect on 1 November 2025.
"We've heard growing concern from older people and their families about the implementation of the aged care reforms, including concerns about older people having to pay for basics like showering and about waiting lists for support being far too long," he said.
"No one should ever have to wait longer than 30 days for the basic care that they need," he said.
He also noted "pressure" to sign contracts for aged care "quickly", rather than being given the 90 days they are entitled to.
COTA will be monitoring the reforms closely, Pyne said. He expects to see changes once the reforms have had time to bed down, with bipartisan support. "It's always going to take time," he noted.
Implications for future aged care strategy
The COTA findings have significant implications for future aged care strategy.
Pyne is calling for a "10-year action plan" for ageing in Australia, that tackles discrepancies in wealth among the ageing cohort.
