Blaming the Baby Boomers, page-86

There are some people, no figures available, who are receiving an Age Pension and who, if you were able to apply the "reasonable person" test, ought not to be entitled to it because they have obvious wealth in their lifestyle and property in excess of reasonable levels and ample enough to maintain a sufficient lifestyle.
But the social security and tax laws enable them to hide their wealth.and qualify for a pension.

Now governments since Hawke/Keating tried to crack down on arrangements like these but they were forced to retreat by, among others, their own parties.