Poor Australians fooled by Parliament’s Trickery

Following from our last show about the age pension and the fact that Australians cannot assume some inherent right or entitlement to it, some of the IOTP audience attempted to push back by harking back to a policy from the 1940s called the National Welfare Fund. We did not discuss the National Welfare Fund in the previous show, but it is worth exploring because some Australians are of the view that money for the age pension and other social security payments from the National Welfare Fund and not consolidated revenue. But now, Economist John Adams and Analyst Martin North seeks to clear up the confusion by explaining what was the National Welfare Fund and what happened to it.