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Monday, 17 August 2009
Page: 8115


Mr Morrison asked the Treasurer, in writing, on 18 June 2009:

In respect of the Government’s First Home Saver Account scheme—

(1)   Does the Australian Prudential Regulation Authority monitor the number of accounts that have been opened and the sum of funds invested into those accounts.

(2)   What total number of accounts was established as at (a) 16 June 2009, (b) 31 May 2009, and (c) 30 April 2009.

(3)   What was the total sum of funds invested in accounts as at (a) 16 June 2009, (b) 31 May 2009, and (c) 30 April 2009.

(4)   What is the total sum of Government contributions paid into accounts since the scheme was launched on 1 October 2008.

(5)   Has any revision been made to the $130.2 million estimate of Government contributions under the scheme for the 2008-09 financial year; if so, what is the revised estimated cost.

(6)   Has any revision been made to the forward budget estimates for the scheme for future years as a consequence of the results of (3) and (4); if not, why not.

(7)   What is the monetary sum of implementation funding, including capital, provided to the Australian Taxation Office since the inception of the scheme on 1 October 2008, and has this amount varied from the amount specified in the 2008-09 Budget; if so, why.


Mr Swan (Treasurer) —The answer to the honourable member’s question is as follows:

(1)   Yes, on a quarterly basis.

(2)   There is no data available yet for the quarter ending 30 June 2009. This data is required to be submitted to APRA by end July 2009. APRA generally requires several weeks to process the data.

(3)   Data for these dates are not available. The most recent data are for 31 March and these have already been provided in response to Senate Economics Committee Question AET-61.

(4)   Nil in cash terms.

(5)   Yes. An expense of $26.2m in 2008-09.

(6)   Yes. The 2009-10 Treasury Portfolio Budget Statement shows the revised administered expense estimates on page 226. The Departmental expense estimates are unchanged from those shown on page 159 of the Treasury Portfolio Budget Statements for 2008-09.

(7)   $22.6m was allocated for Departmental expenses for 2007-08 and 2008-09. There has not been a variation. The amount allocated since 1 October 2008 is not available.