2018 Federal Budget - Social Security
Written and accurate as at: May 09, 2018 Current Stats & Facts
More choices for a longer life – finances for a longer life
- Increase the Pension Work Bonus from $250 to $300 per fortnight to allow pensioners to earn up to $7,800 each year without impacting their pension;
- Extend the Pension Work Bonus to allow self-employed retirees to earn up to $300 per fortnight without impacting their pension;
- Amend the pension means test rules to encourage the development and take-up of lifetime retirement income products that can help retirees manage the risk of outliving their savings; and
- Expand the Pension Loans Scheme to everyone over Age Pension age and to increase the maximum fortnightly income stream to 150 per cent of the Age Pension rate.
This measure commences on 1 July 2019.
More Choices for a Longer Life — healthy ageing and high quality care
The Government will implement new policies to support people to stay at home longer, remain healthy and independent for longer, and to improve access to high quality, safe aged care:
- additional 14,000 new high level home care packages over four years from 2018-19 in addition to the 6,000 high level packages delivered in the 2017-18 MYEFO;
- 13,500 residential aged care places and 775 short term restorative care places in the 2018-19 Aged Care Approvals Round will be released, with a $60.0 million capital investment to support new places;
- combine the Residential Care and Home Care programs from 1 July 2018 to provide greater flexibility to respond to changes in demand for home care packages and residential aged care places.
- the Government will support preparatory work for a new national assessment framework for people seeking aged care;
- the Government will to trial navigator services to assist people seeking information about aged care to make decisions that are right for them.
More Choices for a Longer Life — jobs and skills for mature age Australians
To support mature age Australians to adapt to the transitioning economy and develop the skills needed to remain in work, additional funding includes:
- targeted training to help mature age job seekers aged 45 years and over and who are registered with a jobactive provider to enhance employability, develop digital skills and identify opportunities in local labour markets;
- training funding of up to $2,000 for workers aged 45 to 70 years to take up reskilling or upskilling opportunities, with the Government contribution to be matched by either the worker or their current employer;
- support mature age workers who are considering early retirement or who are retrenched to look at alternatives to remain in employment;
- additional Inclusive Entrepreneurship Facilitators for an increased focus on mature age people to promote entrepreneurship and new business opportunities and to provide business mentoring; and
- restructure the Employment Fund to allow additional wage subsidy places for mature age employees. In addition, the Government will work with business and community peak bodies to develop strategies that promote the benefits of a diverse workforce, influence hiring practices and reduce discrimination.
More Choices for a Longer Life — skills checkpoint for older workers program — establishment
The Government will establish the Skills Checkpoint for Older Workers program, which will support employees aged 45-70 to remain in the workforce.
From 1 September 2018, 5,000 employees each year would be entitled to receive customised career advice on transitioning into new roles, or their pathways to a new career, including referrals to relevant training options
National Disability Insurance Scheme — continuity of support
The Government will ensure continuity of support for people who are not eligible for the National Disability Insurance Scheme (NDIS), but are currently receiving support under programs that are transitioning to the NDIS.
Under the new continuity of support arrangements, eligible recipients will receive a level of support that is consistent with that which they currently receive.
Delivering Australia’s Digital Future — Welfare Payment Infrastructure Transformation — Tranche Three
Tranche Three will transform the delivery of payments to jobseekers, older Australians, carers and people with disabilities by implementing more efficient and automated claim, assessment and payment processes.