Australia to lift retirement age to 70

Australia is to increase its pension age to 70.

Australian Treasurer Joe Hockey has confirmed plans to lift the pension age to 70.

Hockey has also hinted the May federal budget will axe the "gold pass'" scheme that gives free travel to retired politicians.

The treasurer told Macquarie Radio on Friday that the government would raise the pension entitlement age to 70.

"We are intending that to occur in 21 years' time," Hockey said.

He said the previous government had already planned to raise the age from 65 to 67 in 2023.

Anyone entitled to the pension now was certainly not going to be affected, Hockey said.

"It is hugely important we have long-term planning out of this budget,'' he said.

In New Zealand the age of eligibility for New Zealand Superannuation is 65.

The National-led government has said it would maintain that age if it wins this year's election while the Labour party has said it intends to lift it to 67.

Hockey also hinted the Australian government would press ahead with a temporary debt levy on high income earners but said it should be assumed the levy would kick in at the A$80,000 a year pay level.

"The only way people on incomes above a certain level can contribute (to paying off government debt) is through the tax system,'' he said.

-AAP