Yep, I was right. After a little searching....here is a paragraph I think explains what I was trying to explain about separate areas of tax monies.
There was a further development of specific relevance to social security in 1945. The Commonwealth split the personal income tax into two components. One, the social services contribution, was to be used exclusively to finance social security cash payments. Revenue from the contribution was paid into the National Welfare Fund, from which all such cash payments were to be made, but there was no link between personal contributions and entitlements. The fund was supplemented by subventions from payroll tax and general revenue. In the event, the social services contribution was again merged into a single personal income tax in 1950. All cash payments are now made direct from general revenue
Doubts had arisen during the early forties about the constitutional validity of the Commonwealth legislation in respect of cash payments other than age and invalid pensions, which were specifically within the powers of the Commonwealth. Accordingly, a referendum was held in 1946 under which the Commonwealth sought an extension of its powers in the areas of social security and health. The referendum was carried. In 1947 the various social security cash payments were consolidated into a single Social Services Act
And as I was saying, all that separate extra tax paid, specifically for the pension, means, every pensioner that worked and paid taxes in all that time, deserved the pension, despite being asset tested.
Example re: the asset test, a farmer, having lived and worked all his hard life on a farm, say, 30 acres, the asset test would render him not elligible for the pension, because, the main home up to 5 acres is not asset tested, but the rest of the land is, and although it cannot be subdivided, is making it difficult for a farmer to stay at his home and land, because of that, even if it is only worth say, at the time, a couple of hundred thousand, but, someone living in a manor of splendor, up to 5 acres, and with a value of $2million, can get the full pension, but not that poor farmer, who would be forced to leave his home, and most don't wish to.
The point is, that all had paid taxes for their pension, they have a deserved right to it, despite any assets that were saved for show of something, or pizzed against a wall.
It should have made no difference, all pensioners should get the full pension. They earnt it via paying the extra tax specifically for that reason.
Now, the farmers asset test is changed, as this was such an unfair hardship, if one is on a property more than 5 acres, for 20 years or more, that property does not come under the asset testing for an aged pension now.
And about bloody time too!