Kari Bourne

LNP and Greens deal will see pension changes pass senate

THE Federal Government has struck a deal with the Greens that will see more than $2.4 billion worth of pension changes announced in last month's budget gain passage through the Senate.

The changes replace the unpopular plan in the 2014 budget to cut pension indexation across the board.

The deal means around 170,000 pensioners with low or modest assets will get an extra $30 a fortnight from January 2017, when the changes take effect.

But those retirees dubbed as "liquid assets millionaires" with assets of more than $823,000 on top of owning their family home will lose the part pension because of tougher assets test.

The government announced a six-week extension to the deadline for submissions to the tax inquiry to get the deal over the line, but said it would not consider any changes to superannuation tax concession arrangements.

Labor announced earlier this week it would oppose the changes.

The bill will be debated in the lower house before being considered in the Senate next week.