The Australian Greens said today that already high poverty levels among older Australians would increase as a result of the Government's budget measures.

"The Global AgeWatch Index has found that 35.5% of older Australians are living in poverty, and that Australia is ranked 61 out of 95 countries when it comes to income security, including pensions and income support," Senator Rachel Siewert, Australian Greens spokesperson on ageing said today.

In the past few days, two reports from the Productivity Commission and Grattan Institute have suggested a number of policy responses to our ageing population.

The Productivity Commission has discussed increasing the retirement age to 70 and the ways in which personal assets and equity can be used to pay for aged care. The Grattan Institute examined lifting the age at which both the aged pension and superannuation can be accessed to 70, and the potential for owner-occupied housing to be included in the assets test for the aged pension.

The Australian Greens have announced a new initiative to invest $120 million into dementia research over the next three years and provide more choice and control for patients when it comes to the care they receive.

"Dementia affects more than 300,000 Australians, their families and their friends, and the number of Australians with dementia will significantly increase in coming years," Senator Rachel Siewert said today.