"Australia will run out of money to pay for Medicare and its welfare and education systems unless the Abbott government takes a harder look at costs, says Treasurer Joe Hockey."
"The Treasurer flagged that other programs, including the aged pension
for people over 65, were also overdue for review and would have to be
The pension was introduced in the 1950s when life expectancy
was 55, but Mr Hockey said costs had ballooned with the average lifespan
stretching today to 85."