1 Answer

First, it is a fine thing that you save money for your children.

Second, however, it is MY money you are 'saving'. It is ME that pays taxes so that Centrelink can give it out to supoort people who are either retired (having whacked masses of their pay in taxes into the coffers in the first place) or to people who are going through some difficulties not of their own making, allowing some small respite while they are getting their act together.

$16,000 is a heck of a lot to have saved. That says there must be quite a bit more given to you than you need over a length of time long enough for you to have changed your situation

Centrelink will not penalise you for having money in the bank. You can have quite a bit more than 16 grand, but they will count the interest recieved as income. You will be able to count that income into the $75 a week that you can earn without it affecting your benefits.

A far better questions would have been - "How do I get off my arse and become an independant adult and a sound model for my children, instead of sponging off hard-working people who pay taxes and cannot afford to save $16000 for their own children?