Opposition renews calls for changes to bank guarantee
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The Federal Opposition has renewed its calls for the Government to adjust its bank guarantee arrangements to ensure older Australians can access money tied up in cash management and mortgage trusts.
The call has been made in a joint statement issued by the Shadow Minister for Superannuation and Corporate Law, Chris Pearce, and the Shadow Minister for Ageing, Margaret May, who claimed the plight being confronted by elderly Australians needed to be recognised.
The statement claimed the bank guarantee "continues to block older Australians in desperate need of aged care from accessing hard-earned savings locked up in cash management trust and mortgage trusts".
Pearce claimed that without access to their savings, older Australians who could not meet the cost of entering an aged care facility in full were being forced to pay substantial government mandated bond interest charges.
He said on this basis the Government had to immediately articulate an exit strategy or phase out plan to provide relief for Australians frozen out of their own savings and funds.
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