“Aligning with the incomes test for pension eligibility, an individual’s superannuation pension will be included in the incomes test for the health card. But the government will not include the family home in the means test,” Deloitte stated.

The government has confirmed its intentions to increase the age pension to 70 starting in 2035. This move has been welcomed by the chief executive of the Financial Services Council, John Brogden.

“Raising the pension age to 70 years by 2035 is an important, necessary and reasonable reform given the increasing life expectancy of Australians,” Mr Brogden said.

“Many Australians starting work today will live for more than one century. It is critical that the increased life expectancy of Australians is the driver for age pension and superannuation policy, so future generations of taxpayers are not burdened with the cost of an ageing population.

“The government needs to match the age pension increase with an increase in preservation age to 65,” he added.