Matthew Knott - The SMH
The Abbott government will overhaul Australia's pension system in next week's budget, with over 170,000 low to middle income pensioners to be $30 a fortnight better off.
We're helping those with more modest assets
But the tightening of the pensions assets will hit wealthier retirees, with around 91,000 expected to lose access to the part-pension and 236,000 people to have their pensions decreased.
The changes replace the plan announced in last year's budget to change the indexation of the aged pension from average weekly earnings to the lower Consumer Prince Index.
The plan triggered an angry backlash from voters and the Coalition backbench.
Social Services Minister Scott Morrison said on Thursday that nine in 10 pensioners would either be better off or not be affected when the changes come into effect in 2017.
"We're helping those with more modest assets," Mr Morrison told the Nine Network on Thursday.