Commonwealth of Australia Explanatory Memoranda

[Index] [Search] [Download] [Bill] [Help]

SOCIAL SERVICES AND OTHER LEGISLATION AMENDMENT (2014 BUDGET MEASURES NO. 1) BILL 2014

                               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                Saving of $479.2 million
   supplement and indexation ceased
3. Changes to Australian Government payments:
   CPI-only indexation for parenting payment             Saving of $134.2 million
   single from September 2014.
   Maintaining the eligibility thresholds for            Saving of $1,055.2 million
   Australian Government payments (Family Tax
   Benefit, working age allowance payments
   (excluding student payments) and Parenting
   Payment Single) for three years.
4. Disability support pension - ability to work          Expense of $46.4 million over
                                                         five years
5.   Limit the six-week portability period for student   Saving of $153.1 million
     payments
6.   Extend the ordinary waiting period for working      Saving of $231.7 million
     age payments
7.   Family payment reforms - maintain family tax        Saving of $2,598.6 million over
     benefit payment rates for two years                 five years
Social and Community Services Pay Equity                 No further financial impact from
Special Account                                          this Bill ($104 million was set
                                                         aside in the contingency
                                                         reserve in the 2013 Budget to
                                                         cover the cost of
                                                         supplementation until 2020-21).