Financial Protections for Queensland’s seniors

Queensland’s Communities, Disability Services and Domestic and Family Violence Prevention Committee is calling on businesses, organisations and members of the public to contribute to its current inquiry into the adequacy of existing financial protections for Queensland’s seniors.

The deadline for written submissions is Friday, 31 May 2015, ahead of a scheduled public hearing at Parliament House on Wednesday, 3 June 2015.

Committee Chair Ms Leanne Donaldson MP, Member for Bundaberg, and Deputy Chair Mr Mark McArdle MP, Member for Caloundra, said early public consultation with the Department of Communities, Child Safety and Disability Services, the Queensland Police Service, and the Queensland Elder Abuse Prevention Unit had highlighted a wide range of vulnerabilities and issues for the Committee’s consideration.

“In the midst of National Consumer Fraud Week, we have received evidence of a concerning incidence of a range of consumer scams and exploitative frauds perpetrated against our seniors, and significant underreporting of many of these crimes,” Ms Donaldson said.

“We also know that in the previous financial year, Queensland’s Elder Abuse Prevention Unit recorded a significant 19% increase in the number of calls received via its telephone helpline.” th83QRAWUN

“These reports are particularly troublesome considering seniors represent a large and growing proportion of our population and also have reduced scope to recover from such events, given their limited capacity for income generation post-retirement.”

Deputy Chair Mr McArdle MP said the Committee welcomed submissions in relation to any of the Committee’s terms of reference, which include:

 the current levels of financial literacy of seniors and how they can be improved, for example by education programs;

 what support and advice is available to assist seniors with their independent financial decision-making;

 online and internet based vulnerabilities and the prevalence and vulnerabilities and the prevalence and vulnerability of seniors to scams;

 agencies and organisations that provide advice and support to seniors requiring financial protections; and

 the financial sector’s role in ensuring adequate safeguards for seniors in relation to financial decision-making.

“Strategies to enhance support for the state’s seniors are vital for ensuring their fiscal protection and supporting their significant contributions to society during later life,” Mr McArdle said.

Further information is available on the Committee’s webpage:


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