Australian Immigrants Retiring to Home Countries

There was a joke going around in Adelaide in the 1960s when I lived there - all these Wogs will probably go home and live off of the Australian pension. Wog was a common term then. It referred to southern Mediterraneans, Greeks and Italians for example. English people were called Poms when immigrants were flooding in.

How a joke can become truth. People who have moved to Australia and indeed spent most of their lives here are going back to their home countries because of favorable exchange rates. Not so much the English. They seem to be staying here.

Between 2007 and 2012 the number of Australians living overseas and drawing the Aussie pension increased by 30 per cent. In the same period the overall number of Australian pensioners went up only 17 per cent. Recent changes in the budget will not affect those currently on the pension. Most will not be here when the pension age goes up to 70 years in 2035.

Most expatriates by far return to Italy and Greece in their twilight years. While the majority of citizens in Greece are doing it tough now, those on Australian pensions have guaranteed income. Others go to Spain and oddly, the Netherlands - there must be something tempting to move to a cold wet country from a hot dry one.

This group of baby boomers, however, will probably be the last ones to enjoy such a bonus. As people retire who have paid superannuation all their working lives it is inevitable that state funded pensions will be phased out. This is seldom admitted but it is the truth. Changes are being made now by government to ultimately benefit government.
Society by Ty Buchanan
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