Budget 2023
What we know about the Budget so far
HERE is a list of Budget leaks of things which particularly affect older Australians. It’s what we know so far, with only the detail kept under wraps until Tuesday evening this week.
Social security
Long-term unemployed people aged over 55 will receive an increase in their JobSeeker Payment. It remains to be seen if pressure following the leaking of this measure will lead to an increase in the JobSeeker Payment for those under 55 as well. There are reports the Government has changed its mind.
Although it received less attention in the media, rent assistance increases also look set to go to people aged over 55.
Cost of living
A cost-of-living package at those on low incomes will be worth $14.6 billion.
Separate from that is $1.5 billion set aside for power price relief for low-income households.
Low-income households and renters will also benefit from an ‘electrification’ package.
These two measures (power price relief and electrification) work in tandem. The money you save through the power price relief will be freed up for you to use on getting cheaper appliances, or so the thinking goes. The details are still under wraps.
Health
The Budget will include a $2.2 billion package designed to fix primary health care services, take pressure off the hospital system and begin the Medicare reform process.
Changes to dispensing rules at pharmacies will allow about 6 million people to buy two months’ worth of medicine for the price of a single prescription. The $1.2 billion in Budget savings will be reinvested in community pharmacies.
The cost of delivering aged care will rise by 23 per cent, increasing from $24.8 billion a year to $29.6 billion a year.
The planned pay rise for aged care workers will cost the Budget $3.5 billion a year.
Superannuation
Business will be required to pay workers their superannuation contributions every payday. The new rules come into force from July 1, 2026.
Labor will tax earnings from superannuation balances over $3 million at 30 per cent, up from 15 per cent, starting in 2025.
Scams
The Budget is expected to include more funding to crack down on scams, including $10 million for a long-overdue SMS (text message) sender ID register. The register would block cyber criminals from sending texts appearing to be from agencies such as the Tax Office, myGov and Australia Post.
Extra funding for privacy enforcement is also to be provided after the government announced it would appoint a new specialist privacy commissioner to deal with cybercrime mainly.
Housing
There are reports that there will be support for build-to-rent housing in the Budget.
Work bonus
There have been no reports as to what will happen with Work Bonus, which temporarily increased. The increase will expire at the end of June. CPSA will carefully check the Budget Papers for a measure making the increase permanent.
HERE is a list of Budget leaks of things which particularly affect older Australians. It’s what we know so far, with only the detail kept under wraps until Tuesday evening this week.
Social security
Long-term unemployed people aged over 55 will receive an increase in their JobSeeker Payment. It remains to be seen if pressure following the leaking of this measure will lead to an increase in the JobSeeker Payment for those under 55 as well. There are reports the Government has changed its mind.
Although it received less attention in the media, rent assistance increases also look set to go to people aged over 55.
Cost of living
A cost-of-living package at those on low incomes will be worth $14.6 billion.
Separate from that is $1.5 billion set aside for power price relief for low-income households.
Low-income households and renters will also benefit from an ‘electrification’ package.
These two measures (power price relief and electrification) work in tandem. The money you save through the power price relief will be freed up for you to use on getting cheaper appliances, or so the thinking goes. The details are still under wraps.
Health
The Budget will include a $2.2 billion package designed to fix primary health care services, take pressure off the hospital system and begin the Medicare reform process.
Changes to dispensing rules at pharmacies will allow about 6 million people to buy two months’ worth of medicine for the price of a single prescription. The $1.2 billion in Budget savings will be reinvested in community pharmacies.
The cost of delivering aged care will rise by 23 per cent, increasing from $24.8 billion a year to $29.6 billion a year.
The planned pay rise for aged care workers will cost the Budget $3.5 billion a year.
Superannuation
Business will be required to pay workers their superannuation contributions every payday. The new rules come into force from July 1, 2026.
Labor will tax earnings from superannuation balances over $3 million at 30 per cent, up from 15 per cent, starting in 2025.
Scams
The Budget is expected to include more funding to crack down on scams, including $10 million for a long-overdue SMS (text message) sender ID register. The register would block cyber criminals from sending texts appearing to be from agencies such as the Tax Office, myGov and Australia Post.
Extra funding for privacy enforcement is also to be provided after the government announced it would appoint a new specialist privacy commissioner to deal with cybercrime mainly.
Housing
There are reports that there will be support for build-to-rent housing in the Budget.
Work bonus
There have been no reports as to what will happen with Work Bonus, which temporarily increased. The increase will expire at the end of June. CPSA will carefully check the Budget Papers for a measure making the increase permanent.
