Budget 2020: Pensioners receive two additional payments

On Tuesday night, the federal treasurer Josh Frydenberg announced an additional $250 payment would be delivered to aged pensioners from December, with another to arrive in March.

It follows the two $750 payments which were introduced in April and July.

Riverina president of the Retirees Association, Colin Beaton, told The Daily Advertiser the payments would help to pay day-to-day costs but would not put pensioners "back onto even keel".

Instead of the one-off payments, Mr Beaton advocated for a permanent increase to the fortnightly pension.

"Pensioners and retirees have really been doing it hard for many years before the pandemic came along," Mr Beaton said.

"There is a lot of debt and heartache that many people are dealing with, so anything in the budget is good as long it's a permanent and decent increase."

Mr Beaton argued the payments did not go far enough to stimulate the declining economy at the height of the COVID-19 crisis.

"Any little bit, if you can afford to, gets saved," Mr Beaton said. "If not, it mainly went to paying bills and living expenses."

To incentivise self-funded retirement, the treasurer announced a host of changes aimed at lowering superannuation fees.

"Too many Australians are paying too much in superannuation fees," Mr Frydenberg said. "Australians today are paying $450 million a year in unnecessary fees as a result of 6 million multiple accounts."

Instead of a super account being created with every new job, the treasurer said, "your super will follow you".

An annual performance test of funds and the introduction of the 'YourSuper', Mr Frydenberg said will "more Australians make an informed choice about who will manage their retirement savings".

According to the treasurer, the new system will save Australians $17.9 billion over the next decade.