Are the 5 year Centrelink gifting rules fair?

It is my understanding that if you have $100m you can buy a house for $10m and gift your kids $90m and in 5 years time the gift is forgotten and you can get full pension?

Obviously I’ve used $100m as a trolling figure but you get the point. You can hift your kids your entire life savings and then 5 years later get the full pension.

Hardly sounds fair. Shouldn’t the pension only be for those who need it.