Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Social Services and Other Legislation Amendment (2014 Budget Measures No. 2) Bill 2014

Bill home page  


Download WordDownload Word


Download PDFDownload PDF

2013-2014

 

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

HOUSE OF REPRESENTATIVES

 

 

 

 

 

 

SOCIAL SERVICES AND OTHER LEGISLATION AMENDMENT

(2014 BUDGET MEASURES No. 2) 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 include one missing figure under item 1 of the table and to correct a typographical error in item 10 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.       Changes to Australian Government payments:

CPI-only indexation for pensions from September 2017.

Maintaining the eligibility thresholds for Australian Government payments (student payments and pensions) for three years.

Reset the deeming rate thresholds.

 

Saving of $314.70 million

 

Saving of $191.60 million

 

Saving of $32.7 million

2.       Disability support pension - portability

Saving of $12.3 million

3.       Young Carer Bursary Programme - income exemption

The programme will cost $3.0 million over four years

4.       Commonwealth Seniors Health Card - include untaxed superannuation in assessment

Saving of $20.9 million

5.       Remove relocation scholarship assistance for certain students

Saving of $290.1 million

6.       Pensioner education supplement

Saving of $281.2 million over five years

7.       Education entry payment

Saving of $65.4 million over five years

8.       Extension of youth allowance (other) to 22 to 24 year olds in lieu of newstart allowance and sickness allowance

Saving of $508.4 million

9.       Require young people with full capacity to learn, earn or Work for the Dole

Saving of $1,247.3 million

10.    Family payment reforms, starting 1 July 2015

Saving of $4,777.3 million over five years

11.    Pension age increased from 67 to 70

No impact on forward estimates

12.    Date of effect for veterans’ disability pension

Saving of $40.0 million