THE aged pension age would be hiked to 70 and made harder to access under the commission of audit's quest for budget savings.
In its long-awaited report, the commission on Thursday outlined its vision for the age pension arguing without change it was unsustainable and poorly targeted.
It wants the pension access age to rise to 70 by 2053, and the superannuation preservation age hiked to five years below the pension age, so that it would reach 62 by 2027.
The changes to the pension age would not affect anyone born before 1965.
The rise in pension payments would also be slowed by benchmarking it to 28 per cent of average weekly wages over a 15 year period.
The commission also wants the family home included in a new means test for eligibility, which would lock out senior couples sitting on properties valued at $750,000 or more, or singles with a home worth more than $500,000 - based on today's values