Prime Minister Scott Morrison has confirmed plans to reverse changes to the retirement age.
The pension age was due to start increasing from 67 in July 2023.
It would increase by six months every two years until eventually reaching 70 by July 2035.
ARTICLE CONTINUES AFTER THIS ADVERTISEMENT
Mr Morrison confirmed the plan would be taken to Cabinet next week.
“I’ve already consulted my colleagues on that and next week cabinet will be ratifying a decision to reverse taking the retirement age to 70,” Mr Morrison told Channel Nine.
“It’ll remain at 67 which is what Labor increased it to.”
Labor increased the pension age from 65 to 67 when it was in Government but the Coalition has long pushed to increase it further to 70.
That would have seen Australia with one of the highest retirement ages in the world.
The move was expected to save taxpayers $3.6 billion dollars but it would have also forced thousands of older Australians from the age pension onto the lower Newstart allowance.