Commonwealth of Australia Explanatory Memoranda

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SOCIAL SERVICES AND OTHER LEGISLATION AMENDMENT (2014 BUDGET MEASURES NO. 2) BILL 2014

                                  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              Saving of $314.70 million
   September 2017.
   Maintaining the eligibility thresholds for         Saving of $191.60 million
   Australian Government payments (student
   payments and pensions) for three years.
   Reset the deeming rate thresholds.                 Saving of $32.7 million
2. Disability support pension - portability           Saving of $12.3 million
3. Young Carer Bursary Programme - income             The programme will cost
   exemption                                          $3.0 million over four years
4. Commonwealth Seniors Health Card - include         Saving of $20.9 million
   untaxed superannuation in assessment
5. Remove relocation scholarship assistance for       Saving of $290.1 million
   certain students
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     Saving of $508.4 million
    24 year olds in lieu of newstart allowance and
    sickness allowance
9. Require young people with full capacity to         Saving of $1,247.3 million
    learn, earn or Work for the Dole
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