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Social Services and Other Legislation Amendment (2014 Budget Measures No. 1) Bill 2014

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2013-2014

 

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

HOUSE OF REPRESENTATIVES

 

 

 

 

 

 

SOCIAL SERVICES AND OTHER LEGISLATION AMENDMENT

(2014 BUDGET MEASURES No. 1) BILL 2014

 

 

 

CORRECTION TO THE EXPLANATORY MEMORANDUM

 

 

 

 

 

 

FINANCIAL IMPACT STATEMENT

 

Omit the financial impact statement in the explanatory memorandum, and substitute the version on the following page, to correct typographical errors in items 1 and 7 of the table.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Circulated by the authority of the

Minister for Social Services, the Hon Kevin Andrews MP)



Financial impact statement

MEASURE

FINANCIAL IMPACT OVER THE FORWARD ESTIMATES

Budget measures

 

1.       Cessation of seniors supplement

Saving of $1,059.4 million

2.       Clean energy supplement renamed energy supplement and indexation ceased

Saving of $479.2 million

3.       Changes to Australian Government payments:

CPI-only indexation for parenting payment single from September 2014.

Maintaining the eligibility thresholds for Australian Government payments (Family Tax Benefit, working age allowance payments (excluding student payments) and Parenting Payment Single) for three years.

 

Saving of $134.2 million

 

Saving of $1,055.2 million

 

4.       Disability support pension - ability to work

Expense of $46.4 million over five years

5.       Limit the six-week portability period for student payments

Saving of $153.1 million

6.       Extend the ordinary waiting period for working age payments

Saving of $ 231.7 million

7.       Family payment reforms - maintain family tax benefit payment rates for two years

Saving of $2,598.6 million over five years

Social and Community Services Pay Equity Special Account

No further financial impact from this Bill ($104 million was set aside in the contingency reserve in the 2013 Budget to cover the cost of supplementation until 2020-21).