2022-3 Federal Budget: What does it mean for you?​

Yesterday, we looked at the available budget information and what we could expect in terms of support for pensioners. There are a few surprises here and there so stay tuned for everything you need to know.

Well, the Albanese government's first federal budget has officially been released and the question on everyone’s lips is: what does it mean for pensioners? And on a personal level, what does it mean for you?

How did pensioners fare in this federal budget? Image Credit: Shutterstock

Cost of living

Unfortunately, members, this isn’t great news.

‘This budget makes hard decisions for hard times,’ Chalmers said in his budget speech.

Further global economic downturn is expected as the government responds to inflation and deals with disaster payments in the wake of the floods. All in all, the economic outlook of Australia looks gloomy.

Despite this, Treasurer Jim Chalmers said, ‘Our economy is expected to grow solidly this financial year, by three and a quarter per cent, before slowing to one and a half per cent growth for 2023-24, a full percentage point lower than what was forecast in March.’

‘The worst thing that we could do is contribute to even higher inflation,’ Chalmers said. ‘We don’t want cost-of-living relief to be counter-productive. The best thing we can do now is exercise restraint.’

$65.7 million in funding has been set aside for government agencies including the Australian Competition and Consumer Commission (ACCC) to regulate the gas and electricity industries. Currently, it’s expected that prices will increase by up to 58 per cent in the coming year (20 per cent increase by Christmas and approximately 30 per cent in the coming financial year).

‘I'm not going to pretend that we're not worried about these electricity price forecasts,’ Chalmers told reporters.

‘I think any responsible government, facing these kinds of price hikes for electricity and gas, needs to consider a broader suite of regulatory interventions,’ he said, making it clear his preference is for legislation, rather than cash splash spending programs.

Working Pensioners and Self-Funded Retirees

Those of you on the age and service pensions can finally earn additional wages before seeing your payments cut.

Working pensioners can now earn an extra $4000 as a one-off this financial year before their payments are reduced. This is a rise in allowed earnings from the previous $7800 to $11,800.

This kicks in from 1 December 2022 and eligible pensioners will have their Work Bonus Income Bank credited until 30 June 2023.

Subject to passage of legislation, Age Pension and equivalent Department of Veterans’ Affairs pension recipients with employment income who exceed the income limit will have their payment suspended for up to two years, rather than cancelled after 12 weeks as is currently the case.

They will also be able to keep their Pensioner Concession Card, and associated benefits, for up to two years.

Almost $70 million has been allocated to increase the income threshold for the seniors’ health card from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.

This higher income threshold is expected to also give more than 50,000 self-funded retirees access to the Commonwealth Seniors Health Card (CSHC).

Housing affordability

As predicted, the National Housing Accord plans for one million affordable houses. This will kick in from 2024 so don’t expect anything anytime soon.

But while building 1 million homes in five years sounds unrealistic, the ABC reports that 985,085 houses were built in the five years prior to March 2022.

‘The budget also includes $350 million for the federal government and states and territories to build 10,000 new homes each year.’ states the ABC.

Older Australians will also continue to be encouraged to downsize their homes and $74 million has been pledged to support this.

The budget will expand the exemption of home sale proceeds from pension asset testing from 12 months to 24 months. This will give pensioners more time to purchase, build or renovate a new home before their pension is affected.

The lower deeming rate (0.25 per cent) will still apply. This rate lower deeming rate will also remain frozen at 0.25 per cent. The upper rate will remain at 2.25 per cent for the next two years (until 30 June 2024).

Prime Minister Anthony Albanese congratulates Jim Chalmers on his first budget. Image Credit: ABC News: Nick Haggarty

​

Health care

From January 1, 2023 the maximum general co-payment for Pharmaceutical Benefits Scheme (PBS) medication lowered to $30 per script (from $42.50). The government expects this will save around 3.6 million Australians more than $190 million in out-of-pocket costs.

The bad news? Concession card holders already pay a lower $6.80 co-payment and this figure is not set to change anytime soon. So is this PBS reform even helping the right people? You can read more here.

Funding does, however, include Flash Glucose Monitoring and Continuous Glucose Monitoring devices which is good news for Australians living with Type 1 Diabetes. $327.7 million has been confirmed over 4 years from 2022–2023 so we can expect this to come into effect ASAP. More information is due to be released soon.

$114 million will go to additional mental health and suicide prevention initiatives, including $47.7m to restore the loading for Medicare subsidised online psychiatry consultations and a $23.5m expansion of the headspace network.

Cancer patients and their families, medical professionals, and researchers will benefit from $452 million to deliver new Comprehensive Cancer Centres in Adelaide and Brisbane. Meanwhile, $14.8 million in funding will establish a Melanoma Nurses Program across Australia.

Finally, preparatory work to establish an Australian Centre for Disease Control will begin with $3.2 million in funding.


Aged Care

The budget shows a commitment to improve safety, dignity, quality and humanity in the aged care sector.

‘This Budget builds on the recommendations of the aged care royal commission and implements the government’s federal election commitments to further reform aged care,’ says Ian Yates, Council on the Ageing CEO.

A $3.9 billion investment in this budget will implement reforms that meet the needs of aged care recipients.

How will the $3.9 billion package be spent?

• $2.5 billion towards 24/7 nurses and increased care minutes
• $48.6 million towards establishing Aged Care Complaints Commissioner and the Inspector-General of Aged Care
• $312.6 million towards improved information and communication technology

From 1 July 2023, aged care residents will benefit from the new requirement for aged care homes to have a registered nurse on site at all times. That’s right, at least one registered nurse must be on site 24 hours a day, seven days a week.

For Australians who wish to be independent and remain living in their own home, reforms to in-home aged care will start from 1 July 2024. Existing in-home aged care programs will continue until this time. You can read more about the existing in-home care packages here.

There is also greater support for young Australians interested in studying aged care such as free TAFE courses. In time, this should increase the available staff in a struggling industry.

Bottom line

While the current budget will decrease overall debt in the next few years and basically halve the deficit, overall Australia’s borrowings are expected to surpass $1 trillion by June 2024. Ultimately, the pension rate and CPI increases are not keeping pace with inflation.

As member @Qwarkus aptly summarised, 'The supermarket trolley holds less every week.'

Anything else of interest?

I’m glad you asked! Other main winners from the budget include the $4.7 billion confirmed spending on childcare, $530 million for paid parental leave and $852 million for vocational education.

Did you tune into the budget, members? Did the government meet your expectations? This is Labor’s first federal budget since 2013 so we’d love to hear from you directly. Let us know in the comments below!

 

[Luckyus]

2022-3 Federal Budget: What does it mean for you?​

Yesterday, we looked at the available budget information and what we could expect in terms of support for pensioners. There are a few surprises here and there so stay tuned for everything you need to know.

Well, the Albanese government's first federal budget has officially been released and the question on everyone’s lips is: what does it mean for pensioners? And on a personal level, what does it mean for you?

View attachment 7808

How did pensioners fare in this federal budget? Image Credit: Shutterstock

Cost of living

Unfortunately, members, this isn’t great news.

‘This budget makes hard decisions for hard times,’ Chalmers said in his budget speech.

Further global economic downturn is expected as the government responds to inflation and deals with disaster payments in the wake of the floods. All in all, the economic outlook of Australia looks gloomy.

Despite this, Treasurer Jim Chalmers said, ‘Our economy is expected to grow solidly this financial year, by three and a quarter per cent, before slowing to one and a half per cent growth for 2023-24, a full percentage point lower than what was forecast in March.’

‘The worst thing that we could do is contribute to even higher inflation,’ Chalmers said. ‘We don’t want cost-of-living relief to be counter-productive. The best thing we can do now is exercise restraint.’

$65.7 million in funding has been set aside for government agencies including the Australian Competition and Consumer Commission (ACCC) to regulate the gas and electricity industries. Currently, it’s expected that prices will increase by up to 58 per cent in the coming year (20 per cent increase by Christmas and approximately 30 per cent in the coming financial year).

‘I'm not going to pretend that we're not worried about these electricity price forecasts,’ Chalmers told reporters.

‘I think any responsible government, facing these kinds of price hikes for electricity and gas, needs to consider a broader suite of regulatory interventions,’ he said, making it clear his preference is for legislation, rather than cash splash spending programs.

Working Pensioners and Self-Funded Retirees

Those of you on the age and service pensions can finally earn additional wages before seeing your payments cut.

Working pensioners can now earn an extra $4000 as a one-off this financial year before their payments are reduced. This is a rise in allowed earnings from the previous $7800 to $11,800.

This kicks in from 1 December 2022 and eligible pensioners will have their Work Bonus Income Bank credited until 30 June 2023.

Subject to passage of legislation, Age Pension and equivalent Department of Veterans’ Affairs pension recipients with employment income who exceed the income limit will have their payment suspended for up to two years, rather than cancelled after 12 weeks as is currently the case.

They will also be able to keep their Pensioner Concession Card, and associated benefits, for up to two years.

Almost $70 million has been allocated to increase the income threshold for the seniors’ health card from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.

This higher income threshold is expected to also give more than 50,000 self-funded retirees access to the Commonwealth Seniors Health Card (CSHC).

Housing affordability

As predicted, the National Housing Accord plans for one million affordable houses. This will kick in from 2024 so don’t expect anything anytime soon.

But while building 1 million homes in five years sounds unrealistic, the ABC reports that 985,085 houses were built in the five years prior to March 2022.

‘The budget also includes $350 million for the federal government and states and territories to build 10,000 new homes each year.’ states the ABC.

Older Australians will also continue to be encouraged to downsize their homes and $74 million has been pledged to support this.

The budget will expand the exemption of home sale proceeds from pension asset testing from 12 months to 24 months. This will give pensioners more time to purchase, build or renovate a new home before their pension is affected.

The lower deeming rate (0.25 per cent) will still apply. This rate lower deeming rate will also remain frozen at 0.25 per cent. The upper rate will remain at 2.25 per cent for the next two years (until 30 June 2024).

View attachment 7809

Prime Minister Anthony Albanese congratulates Jim Chalmers on his first budget. Image Credit: ABC News: Nick Haggarty

​

Health care

From January 1, 2023 the maximum general co-payment for Pharmaceutical Benefits Scheme (PBS) medication lowered to $30 per script (from $42.50). The government expects this will save around 3.6 million Australians more than $190 million in out-of-pocket costs.

The bad news? Concession card holders already pay a lower $6.80 co-payment and this figure is not set to change anytime soon. So is this PBS reform even helping the right people? You can read more here.

Funding does, however, include Flash Glucose Monitoring and Continuous Glucose Monitoring devices which is good news for Australians living with Type 1 Diabetes. $327.7 million has been confirmed over 4 years from 2022–2023 so we can expect this to come into effect ASAP. More information is due to be released soon.

$114 million will go to additional mental health and suicide prevention initiatives, including $47.7m to restore the loading for Medicare subsidised online psychiatry consultations and a $23.5m expansion of the headspace network.

Cancer patients and their families, medical professionals, and researchers will benefit from $452 million to deliver new Comprehensive Cancer Centres in Adelaide and Brisbane. Meanwhile, $14.8 million in funding will establish a Melanoma Nurses Program across Australia.

Finally, preparatory work to establish an Australian Centre for Disease Control will begin with $3.2 million in funding.


Aged Care

The budget shows a commitment to improve safety, dignity, quality and humanity in the aged care sector.

‘This Budget builds on the recommendations of the aged care royal commission and implements the government’s federal election commitments to further reform aged care,’ says Ian Yates, Council on the Ageing CEO.

A $3.9 billion investment in this budget will implement reforms that meet the needs of aged care recipients.

How will the $3.9 billion package be spent?

• $2.5 billion towards 24/7 nurses and increased care minutes
• $48.6 million towards establishing Aged Care Complaints Commissioner and the Inspector-General of Aged Care
• $312.6 million towards improved information and communication technology

From 1 July 2023, aged care residents will benefit from the new requirement for aged care homes to have a registered nurse on site at all times. That’s right, at least one registered nurse must be on site 24 hours a day, seven days a week.

For Australians who wish to be independent and remain living in their own home, reforms to in-home aged care will start from 1 July 2024. Existing in-home aged care programs will continue until this time. You can read more about the existing in-home care packages here.

There is also greater support for young Australians interested in studying aged care such as free TAFE courses. In time, this should increase the available staff in a struggling industry.

Bottom line

While the current budget will decrease overall debt in the next few years and basically halve the deficit, overall Australia’s borrowings are expected to surpass $1 trillion by June 2024. Ultimately, the pension rate and CPI increases are not keeping pace with inflation.

As member @Qwarkus aptly summarised, 'The supermarket trolley holds less every week.'

Anything else of interest?

I’m glad you asked! Other main winners from the budget include the $4.7 billion confirmed spending on childcare, $530 million for paid parental leave and $852 million for vocational education.

Did you tune into the budget, members? Did the government meet your expectations? This is Labor’s first federal budget since 2013 so we’d love to hear from you directly. Let us know in the comments below!

Political always forget that the grey army is getting stronger every year. The ploy of allowing pensioners the opportunity of earning any extra is akin to the the same bullshit ploy the Howard government came up with when he was in power.

 

[Singomate]

2022-3 Federal Budget: What does it mean for you?​

Yesterday, we looked at the available budget information and what we could expect in terms of support for pensioners. There are a few surprises here and there so stay tuned for everything you need to know.

Well, the Albanese government's first federal budget has officially been released and the question on everyone’s lips is: what does it mean for pensioners? And on a personal level, what does it mean for you?

View attachment 7808

How did pensioners fare in this federal budget? Image Credit: Shutterstock

Cost of living

Unfortunately, members, this isn’t great news.

‘This budget makes hard decisions for hard times,’ Chalmers said in his budget speech.

Further global economic downturn is expected as the government responds to inflation and deals with disaster payments in the wake of the floods. All in all, the economic outlook of Australia looks gloomy.

Despite this, Treasurer Jim Chalmers said, ‘Our economy is expected to grow solidly this financial year, by three and a quarter per cent, before slowing to one and a half per cent growth for 2023-24, a full percentage point lower than what was forecast in March.’

‘The worst thing that we could do is contribute to even higher inflation,’ Chalmers said. ‘We don’t want cost-of-living relief to be counter-productive. The best thing we can do now is exercise restraint.’

$65.7 million in funding has been set aside for government agencies including the Australian Competition and Consumer Commission (ACCC) to regulate the gas and electricity industries. Currently, it’s expected that prices will increase by up to 58 per cent in the coming year (20 per cent increase by Christmas and approximately 30 per cent in the coming financial year).

‘I'm not going to pretend that we're not worried about these electricity price forecasts,’ Chalmers told reporters.

‘I think any responsible government, facing these kinds of price hikes for electricity and gas, needs to consider a broader suite of regulatory interventions,’ he said, making it clear his preference is for legislation, rather than cash splash spending programs.

Working Pensioners and Self-Funded Retirees

Those of you on the age and service pensions can finally earn additional wages before seeing your payments cut.

Working pensioners can now earn an extra $4000 as a one-off this financial year before their payments are reduced. This is a rise in allowed earnings from the previous $7800 to $11,800.

This kicks in from 1 December 2022 and eligible pensioners will have their Work Bonus Income Bank credited until 30 June 2023.

Subject to passage of legislation, Age Pension and equivalent Department of Veterans’ Affairs pension recipients with employment income who exceed the income limit will have their payment suspended for up to two years, rather than cancelled after 12 weeks as is currently the case.

They will also be able to keep their Pensioner Concession Card, and associated benefits, for up to two years.

Almost $70 million has been allocated to increase the income threshold for the seniors’ health card from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.

This higher income threshold is expected to also give more than 50,000 self-funded retirees access to the Commonwealth Seniors Health Card (CSHC).

Housing affordability

As predicted, the National Housing Accord plans for one million affordable houses. This will kick in from 2024 so don’t expect anything anytime soon.

But while building 1 million homes in five years sounds unrealistic, the ABC reports that 985,085 houses were built in the five years prior to March 2022.

‘The budget also includes $350 million for the federal government and states and territories to build 10,000 new homes each year.’ states the ABC.

Older Australians will also continue to be encouraged to downsize their homes and $74 million has been pledged to support this.

The budget will expand the exemption of home sale proceeds from pension asset testing from 12 months to 24 months. This will give pensioners more time to purchase, build or renovate a new home before their pension is affected.

The lower deeming rate (0.25 per cent) will still apply. This rate lower deeming rate will also remain frozen at 0.25 per cent. The upper rate will remain at 2.25 per cent for the next two years (until 30 June 2024).

View attachment 7809

Prime Minister Anthony Albanese congratulates Jim Chalmers on his first budget. Image Credit: ABC News: Nick Haggarty

​

Health care

From January 1, 2023 the maximum general co-payment for Pharmaceutical Benefits Scheme (PBS) medication lowered to $30 per script (from $42.50). The government expects this will save around 3.6 million Australians more than $190 million in out-of-pocket costs.

The bad news? Concession card holders already pay a lower $6.80 co-payment and this figure is not set to change anytime soon. So is this PBS reform even helping the right people? You can read more here.

Funding does, however, include Flash Glucose Monitoring and Continuous Glucose Monitoring devices which is good news for Australians living with Type 1 Diabetes. $327.7 million has been confirmed over 4 years from 2022–2023 so we can expect this to come into effect ASAP. More information is due to be released soon.

$114 million will go to additional mental health and suicide prevention initiatives, including $47.7m to restore the loading for Medicare subsidised online psychiatry consultations and a $23.5m expansion of the headspace network.

Cancer patients and their families, medical professionals, and researchers will benefit from $452 million to deliver new Comprehensive Cancer Centres in Adelaide and Brisbane. Meanwhile, $14.8 million in funding will establish a Melanoma Nurses Program across Australia.

Finally, preparatory work to establish an Australian Centre for Disease Control will begin with $3.2 million in funding.


Aged Care

The budget shows a commitment to improve safety, dignity, quality and humanity in the aged care sector.

‘This Budget builds on the recommendations of the aged care royal commission and implements the government’s federal election commitments to further reform aged care,’ says Ian Yates, Council on the Ageing CEO.

A $3.9 billion investment in this budget will implement reforms that meet the needs of aged care recipients.

How will the $3.9 billion package be spent?

• $2.5 billion towards 24/7 nurses and increased care minutes
• $48.6 million towards establishing Aged Care Complaints Commissioner and the Inspector-General of Aged Care
• $312.6 million towards improved information and communication technology

From 1 July 2023, aged care residents will benefit from the new requirement for aged care homes to have a registered nurse on site at all times. That’s right, at least one registered nurse must be on site 24 hours a day, seven days a week.

For Australians who wish to be independent and remain living in their own home, reforms to in-home aged care will start from 1 July 2024. Existing in-home aged care programs will continue until this time. You can read more about the existing in-home care packages here.

There is also greater support for young Australians interested in studying aged care such as free TAFE courses. In time, this should increase the available staff in a struggling industry.

Bottom line

While the current budget will decrease overall debt in the next few years and basically halve the deficit, overall Australia’s borrowings are expected to surpass $1 trillion by June 2024. Ultimately, the pension rate and CPI increases are not keeping pace with inflation.

As member @Qwarkus aptly summarised, 'The supermarket trolley holds less every week.'

Anything else of interest?

I’m glad you asked! Other main winners from the budget include the $4.7 billion confirmed spending on childcare, $530 million for paid parental leave and $852 million for vocational education.

Did you tune into the budget, members? Did the government meet your expectations? This is Labor’s first federal budget since 2013 so we’d love to hear from you directly. Let us know in the comments below!

Responsible yes helpful to the pensioners no, but hopefully the Government will address the power crisis, which it will be in the future have a good day we still have our family s and friends

 

[annvic]

Yes ! happy to aged care workers, residential care workers. But not happy for Pensioners. We are hit left right and center. We are cutting back as much as possible. There is only skin left on the bone!
A suggestion - There should be an AUTOMATIC 10% DISCOUNT ON ALL PRODUCTS AND SERVICES FOR ALL PENSIONERS. Go to the supermarket and if your bill is $50 then you pay only $45. Thats not so bad for supermarkets.

 

[Andrew]

I strongly object to beeing told to downsize my home. We actually "Upsized" as with a growing number of grandchildren our original house was too small to accommodate everyone for a family gathering. Why should we give up something we have worked long and hard for?. How many politicians willing to downsize homes?.

 

[elaine41]

I strongly object to beeing told to downsize my home. We actually "Upsized" as with a growing number of grandchildren our original house was too small to accommodate everyone for a family gathering. Why should we give up something we have worked long and hard for?. How many politicians willing to downsize homes?.

Perhaps the govt would also like to contribute the difference in cost between selling my current home & buying somewhere else. I know for a fact that what I could sell my current home for would not buy me another home in the next small town to where I live. I also need all the space I have in my home to accommodate me & my crafts. To deny me this pleasure would be to deny me life.

 

[Defiant540]

Once again the majority of pensioners miss out. With the rising cost of fuel & now a promised increase in electricity costs, both of which will lead to increasing costs at the supermarket, I begin to wonder about how to survive on the basic age pension. I'm scared & think the best thing is to just die so I don't have any more concerns.

please don't, how about ringing Lifeline on 131114 if you need someone to talk to, please

 

[BJM]

2022-3 Federal Budget: What does it mean for you?​

Yesterday, we looked at the available budget information and what we could expect in terms of support for pensioners. There are a few surprises here and there so stay tuned for everything you need to know.

Well, the Albanese government's first federal budget has officially been released and the question on everyone’s lips is: what does it mean for pensioners? And on a personal level, what does it mean for you?

View attachment 7808

How did pensioners fare in this federal budget? Image Credit: Shutterstock

Cost of living

Unfortunately, members, this isn’t great news.

‘This budget makes hard decisions for hard times,’ Chalmers said in his budget speech.

Further global economic downturn is expected as the government responds to inflation and deals with disaster payments in the wake of the floods. All in all, the economic outlook of Australia looks gloomy.

Despite this, Treasurer Jim Chalmers said, ‘Our economy is expected to grow solidly this financial year, by three and a quarter per cent, before slowing to one and a half per cent growth for 2023-24, a full percentage point lower than what was forecast in March.’

‘The worst thing that we could do is contribute to even higher inflation,’ Chalmers said. ‘We don’t want cost-of-living relief to be counter-productive. The best thing we can do now is exercise restraint.’

$65.7 million in funding has been set aside for government agencies including the Australian Competition and Consumer Commission (ACCC) to regulate the gas and electricity industries. Currently, it’s expected that prices will increase by up to 58 per cent in the coming year (20 per cent increase by Christmas and approximately 30 per cent in the coming financial year).

‘I'm not going to pretend that we're not worried about these electricity price forecasts,’ Chalmers told reporters.

‘I think any responsible government, facing these kinds of price hikes for electricity and gas, needs to consider a broader suite of regulatory interventions,’ he said, making it clear his preference is for legislation, rather than cash splash spending programs.

Working Pensioners and Self-Funded Retirees

Those of you on the age and service pensions can finally earn additional wages before seeing your payments cut.

Working pensioners can now earn an extra $4000 as a one-off this financial year before their payments are reduced. This is a rise in allowed earnings from the previous $7800 to $11,800.

This kicks in from 1 December 2022 and eligible pensioners will have their Work Bonus Income Bank credited until 30 June 2023.

Subject to passage of legislation, Age Pension and equivalent Department of Veterans’ Affairs pension recipients with employment income who exceed the income limit will have their payment suspended for up to two years, rather than cancelled after 12 weeks as is currently the case.

They will also be able to keep their Pensioner Concession Card, and associated benefits, for up to two years.

Almost $70 million has been allocated to increase the income threshold for the seniors’ health card from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.

This higher income threshold is expected to also give more than 50,000 self-funded retirees access to the Commonwealth Seniors Health Card (CSHC).

Housing affordability

As predicted, the National Housing Accord plans for one million affordable houses. This will kick in from 2024 so don’t expect anything anytime soon.

But while building 1 million homes in five years sounds unrealistic, the ABC reports that 985,085 houses were built in the five years prior to March 2022.

‘The budget also includes $350 million for the federal government and states and territories to build 10,000 new homes each year.’ states the ABC.

Older Australians will also continue to be encouraged to downsize their homes and $74 million has been pledged to support this.

The budget will expand the exemption of home sale proceeds from pension asset testing from 12 months to 24 months. This will give pensioners more time to purchase, build or renovate a new home before their pension is affected.

The lower deeming rate (0.25 per cent) will still apply. This rate lower deeming rate will also remain frozen at 0.25 per cent. The upper rate will remain at 2.25 per cent for the next two years (until 30 June 2024).

View attachment 7809

Prime Minister Anthony Albanese congratulates Jim Chalmers on his first budget. Image Credit: ABC News: Nick Haggarty

​

Health care

From January 1, 2023 the maximum general co-payment for Pharmaceutical Benefits Scheme (PBS) medication lowered to $30 per script (from $42.50). The government expects this will save around 3.6 million Australians more than $190 million in out-of-pocket costs.

The bad news? Concession card holders already pay a lower $6.80 co-payment and this figure is not set to change anytime soon. So is this PBS reform even helping the right people? You can read more here.

Funding does, however, include Flash Glucose Monitoring and Continuous Glucose Monitoring devices which is good news for Australians living with Type 1 Diabetes. $327.7 million has been confirmed over 4 years from 2022–2023 so we can expect this to come into effect ASAP. More information is due to be released soon.

$114 million will go to additional mental health and suicide prevention initiatives, including $47.7m to restore the loading for Medicare subsidised online psychiatry consultations and a $23.5m expansion of the headspace network.

Cancer patients and their families, medical professionals, and researchers will benefit from $452 million to deliver new Comprehensive Cancer Centres in Adelaide and Brisbane. Meanwhile, $14.8 million in funding will establish a Melanoma Nurses Program across Australia.

Finally, preparatory work to establish an Australian Centre for Disease Control will begin with $3.2 million in funding.


Aged Care

The budget shows a commitment to improve safety, dignity, quality and humanity in the aged care sector.

‘This Budget builds on the recommendations of the aged care royal commission and implements the government’s federal election commitments to further reform aged care,’ says Ian Yates, Council on the Ageing CEO.

A $3.9 billion investment in this budget will implement reforms that meet the needs of aged care recipients.

How will the $3.9 billion package be spent?

• $2.5 billion towards 24/7 nurses and increased care minutes
• $48.6 million towards establishing Aged Care Complaints Commissioner and the Inspector-General of Aged Care
• $312.6 million towards improved information and communication technology

From 1 July 2023, aged care residents will benefit from the new requirement for aged care homes to have a registered nurse on site at all times. That’s right, at least one registered nurse must be on site 24 hours a day, seven days a week.

For Australians who wish to be independent and remain living in their own home, reforms to in-home aged care will start from 1 July 2024. Existing in-home aged care programs will continue until this time. You can read more about the existing in-home care packages here.

There is also greater support for young Australians interested in studying aged care such as free TAFE courses. In time, this should increase the available staff in a struggling industry.

Bottom line

While the current budget will decrease overall debt in the next few years and basically halve the deficit, overall Australia’s borrowings are expected to surpass $1 trillion by June 2024. Ultimately, the pension rate and CPI increases are not keeping pace with inflation.

As member @Qwarkus aptly summarised, 'The supermarket trolley holds less every week.'

Anything else of interest?

I’m glad you asked! Other main winners from the budget include the $4.7 billion confirmed spending on childcare, $530 million for paid parental leave and $852 million for vocational education.

Did you tune into the budget, members? Did the government meet your expectations? This is Labor’s first federal budget since 2013 so we’d love to hear from you directly. Let us know in the comments below!

I can’t justify why electricity rates are soaring. It’s been said there will be another rise between 25-30%. My state government discounts around $80 + each quarterly bill for aged pensioners (Thankyou). The current quarter sees a rise of approximately $1 /day which is $90 + for the quarter. With the next increase of 25-30% it will take the quarterly bill up another $90 or so. I have a smart meter so I can follow daily usage and cost. This means that over 6 months (2 bills) the total cost will have risen $180 +.
How can seniors manage or anyone for that matter (maybe purchase less food). The budget did not provide any relief in utility increases. Shame on them!!!!!

 

[Jennifer]

It was a dreadful budget, typical of the Labor government. They will absolutely ruin this country alongside the greens. We won’t be able to eat soon the way food prices are going and I’m glad I have Solar and live in far north QLD as those down south will be freezing in winter - they won’t be able to afford electricity! He rid of the Greens and Labor!

oh my god I didn’t,t realise all the food went up two weeks ago .I thought it went up months ago.I have been scammed.

 

[Luckyus]

I strongly object to beeing told to downsize my home. We actually "Upsized" as with a growing number of grandchildren our original house was too small to accommodate everyone for a family gathering. Why should we give up something we have worked long and hard for?. How many politicians willing to downsize homes?.

I wonder what our esteemed leader makes on his properties or has he put them on the market?

 

[sharkfin1]

2022-3 Federal Budget: What does it mean for you?​

Yesterday, we looked at the available budget information and what we could expect in terms of support for pensioners. There are a few surprises here and there so stay tuned for everything you need to know.

Well, the Albanese government's first federal budget has officially been released and the question on everyone’s lips is: what does it mean for pensioners? And on a personal level, what does it mean for you?

View attachment 7808

How did pensioners fare in this federal budget? Image Credit: Shutterstock

Cost of living

Unfortunately, members, this isn’t great news.

‘This budget makes hard decisions for hard times,’ Chalmers said in his budget speech.

Further global economic downturn is expected as the government responds to inflation and deals with disaster payments in the wake of the floods. All in all, the economic outlook of Australia looks gloomy.

Despite this, Treasurer Jim Chalmers said, ‘Our economy is expected to grow solidly this financial year, by three and a quarter per cent, before slowing to one and a half per cent growth for 2023-24, a full percentage point lower than what was forecast in March.’

‘The worst thing that we could do is contribute to even higher inflation,’ Chalmers said. ‘We don’t want cost-of-living relief to be counter-productive. The best thing we can do now is exercise restraint.’

$65.7 million in funding has been set aside for government agencies including the Australian Competition and Consumer Commission (ACCC) to regulate the gas and electricity industries. Currently, it’s expected that prices will increase by up to 58 per cent in the coming year (20 per cent increase by Christmas and approximately 30 per cent in the coming financial year).

‘I'm not going to pretend that we're not worried about these electricity price forecasts,’ Chalmers told reporters.

‘I think any responsible government, facing these kinds of price hikes for electricity and gas, needs to consider a broader suite of regulatory interventions,’ he said, making it clear his preference is for legislation, rather than cash splash spending programs.

Working Pensioners and Self-Funded Retirees

Those of you on the age and service pensions can finally earn additional wages before seeing your payments cut.

Working pensioners can now earn an extra $4000 as a one-off this financial year before their payments are reduced. This is a rise in allowed earnings from the previous $7800 to $11,800.

This kicks in from 1 December 2022 and eligible pensioners will have their Work Bonus Income Bank credited until 30 June 2023.

Subject to passage of legislation, Age Pension and equivalent Department of Veterans’ Affairs pension recipients with employment income who exceed the income limit will have their payment suspended for up to two years, rather than cancelled after 12 weeks as is currently the case.

They will also be able to keep their Pensioner Concession Card, and associated benefits, for up to two years.

Almost $70 million has been allocated to increase the income threshold for the seniors’ health card from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.

This higher income threshold is expected to also give more than 50,000 self-funded retirees access to the Commonwealth Seniors Health Card (CSHC).

Housing affordability

As predicted, the National Housing Accord plans for one million affordable houses. This will kick in from 2024 so don’t expect anything anytime soon.

But while building 1 million homes in five years sounds unrealistic, the ABC reports that 985,085 houses were built in the five years prior to March 2022.

‘The budget also includes $350 million for the federal government and states and territories to build 10,000 new homes each year.’ states the ABC.

Older Australians will also continue to be encouraged to downsize their homes and $74 million has been pledged to support this.

The budget will expand the exemption of home sale proceeds from pension asset testing from 12 months to 24 months. This will give pensioners more time to purchase, build or renovate a new home before their pension is affected.

The lower deeming rate (0.25 per cent) will still apply. This rate lower deeming rate will also remain frozen at 0.25 per cent. The upper rate will remain at 2.25 per cent for the next two years (until 30 June 2024).

View attachment 7809

Prime Minister Anthony Albanese congratulates Jim Chalmers on his first budget. Image Credit: ABC News: Nick Haggarty

​

Health care

From January 1, 2023 the maximum general co-payment for Pharmaceutical Benefits Scheme (PBS) medication lowered to $30 per script (from $42.50). The government expects this will save around 3.6 million Australians more than $190 million in out-of-pocket costs.

The bad news? Concession card holders already pay a lower $6.80 co-payment and this figure is not set to change anytime soon. So is this PBS reform even helping the right people? You can read more here.

Funding does, however, include Flash Glucose Monitoring and Continuous Glucose Monitoring devices which is good news for Australians living with Type 1 Diabetes. $327.7 million has been confirmed over 4 years from 2022–2023 so we can expect this to come into effect ASAP. More information is due to be released soon.

$114 million will go to additional mental health and suicide prevention initiatives, including $47.7m to restore the loading for Medicare subsidised online psychiatry consultations and a $23.5m expansion of the headspace network.

Cancer patients and their families, medical professionals, and researchers will benefit from $452 million to deliver new Comprehensive Cancer Centres in Adelaide and Brisbane. Meanwhile, $14.8 million in funding will establish a Melanoma Nurses Program across Australia.

Finally, preparatory work to establish an Australian Centre for Disease Control will begin with $3.2 million in funding.


Aged Care

The budget shows a commitment to improve safety, dignity, quality and humanity in the aged care sector.

‘This Budget builds on the recommendations of the aged care royal commission and implements the government’s federal election commitments to further reform aged care,’ says Ian Yates, Council on the Ageing CEO.

A $3.9 billion investment in this budget will implement reforms that meet the needs of aged care recipients.

How will the $3.9 billion package be spent?

• $2.5 billion towards 24/7 nurses and increased care minutes
• $48.6 million towards establishing Aged Care Complaints Commissioner and the Inspector-General of Aged Care
• $312.6 million towards improved information and communication technology

From 1 July 2023, aged care residents will benefit from the new requirement for aged care homes to have a registered nurse on site at all times. That’s right, at least one registered nurse must be on site 24 hours a day, seven days a week.

For Australians who wish to be independent and remain living in their own home, reforms to in-home aged care will start from 1 July 2024. Existing in-home aged care programs will continue until this time. You can read more about the existing in-home care packages here.

There is also greater support for young Australians interested in studying aged care such as free TAFE courses. In time, this should increase the available staff in a struggling industry.

Bottom line

While the current budget will decrease overall debt in the next few years and basically halve the deficit, overall Australia’s borrowings are expected to surpass $1 trillion by June 2024. Ultimately, the pension rate and CPI increases are not keeping pace with inflation.

As member @Qwarkus aptly summarised, 'The supermarket trolley holds less every week.'

Anything else of interest?

I’m glad you asked! Other main winners from the budget include the $4.7 billion confirmed spending on childcare, $530 million for paid parental leave and $852 million for vocational education.

Did you tune into the budget, members? Did the government meet your expectations? This is Labor’s first federal budget since 2013 so we’d love to hear from you directly. Let us know in the comments below!

Just imagine if our government took back all our farming land from the Chinese and grew food again and reopened all the factories and put the people from the dole back to work in the factories our country would be a whole lot better off. We could become an export country and STOP sending so much money to other countries help Australia first wake up the Australian government

 

[Klaus A]

Government has increased work bonus from 1.Dez. That is an average of $38 per week not taken from the pension. I just did my tax return and expected $20 to be paid back. but found out that the pension is now taxable income. I am up for several $100 of Tax. Robbing Peter to pay Paul. You gain $38 on one side and pay more tax on the other side.

 

[Julie1946]

2022-3 Federal Budget: What does it mean for you?​

Yesterday, we looked at the available budget information and what we could expect in terms of support for pensioners. There are a few surprises here and there so stay tuned for everything you need to know.

Well, the Albanese government's first federal budget has officially been released and the question on everyone’s lips is: what does it mean for pensioners? And on a personal level, what does it mean for you?

View attachment 7808

How did pensioners fare in this federal budget? Image Credit: Shutterstock

Cost of living

Unfortunately, members, this isn’t great news.

‘This budget makes hard decisions for hard times,’ Chalmers said in his budget speech.

Further global economic downturn is expected as the government responds to inflation and deals with disaster payments in the wake of the floods. All in all, the economic outlook of Australia looks gloomy.

Despite this, Treasurer Jim Chalmers said, ‘Our economy is expected to grow solidly this financial year, by three and a quarter per cent, before slowing to one and a half per cent growth for 2023-24, a full percentage point lower than what was forecast in March.’

‘The worst thing that we could do is contribute to even higher inflation,’ Chalmers said. ‘We don’t want cost-of-living relief to be counter-productive. The best thing we can do now is exercise restraint.’

$65.7 million in funding has been set aside for government agencies including the Australian Competition and Consumer Commission (ACCC) to regulate the gas and electricity industries. Currently, it’s expected that prices will increase by up to 58 per cent in the coming year (20 per cent increase by Christmas and approximately 30 per cent in the coming financial year).

‘I'm not going to pretend that we're not worried about these electricity price forecasts,’ Chalmers told reporters.

‘I think any responsible government, facing these kinds of price hikes for electricity and gas, needs to consider a broader suite of regulatory interventions,’ he said, making it clear his preference is for legislation, rather than cash splash spending programs.

Working Pensioners and Self-Funded Retirees

Those of you on the age and service pensions can finally earn additional wages before seeing your payments cut.

Working pensioners can now earn an extra $4000 as a one-off this financial year before their payments are reduced. This is a rise in allowed earnings from the previous $7800 to $11,800.

This kicks in from 1 December 2022 and eligible pensioners will have their Work Bonus Income Bank credited until 30 June 2023.

Subject to passage of legislation, Age Pension and equivalent Department of Veterans’ Affairs pension recipients with employment income who exceed the income limit will have their payment suspended for up to two years, rather than cancelled after 12 weeks as is currently the case.

They will also be able to keep their Pensioner Concession Card, and associated benefits, for up to two years.

Almost $70 million has been allocated to increase the income threshold for the seniors’ health card from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.

This higher income threshold is expected to also give more than 50,000 self-funded retirees access to the Commonwealth Seniors Health Card (CSHC).

Housing affordability

As predicted, the National Housing Accord plans for one million affordable houses. This will kick in from 2024 so don’t expect anything anytime soon.

But while building 1 million homes in five years sounds unrealistic, the ABC reports that 985,085 houses were built in the five years prior to March 2022.

‘The budget also includes $350 million for the federal government and states and territories to build 10,000 new homes each year.’ states the ABC.

Older Australians will also continue to be encouraged to downsize their homes and $74 million has been pledged to support this.

The budget will expand the exemption of home sale proceeds from pension asset testing from 12 months to 24 months. This will give pensioners more time to purchase, build or renovate a new home before their pension is affected.

The lower deeming rate (0.25 per cent) will still apply. This rate lower deeming rate will also remain frozen at 0.25 per cent. The upper rate will remain at 2.25 per cent for the next two years (until 30 June 2024).

View attachment 7809

Prime Minister Anthony Albanese congratulates Jim Chalmers on his first budget. Image Credit: ABC News: Nick Haggarty

​

Health care

From January 1, 2023 the maximum general co-payment for Pharmaceutical Benefits Scheme (PBS) medication lowered to $30 per script (from $42.50). The government expects this will save around 3.6 million Australians more than $190 million in out-of-pocket costs.

The bad news? Concession card holders already pay a lower $6.80 co-payment and this figure is not set to change anytime soon. So is this PBS reform even helping the right people? You can read more here.

Funding does, however, include Flash Glucose Monitoring and Continuous Glucose Monitoring devices which is good news for Australians living with Type 1 Diabetes. $327.7 million has been confirmed over 4 years from 2022–2023 so we can expect this to come into effect ASAP. More information is due to be released soon.

$114 million will go to additional mental health and suicide prevention initiatives, including $47.7m to restore the loading for Medicare subsidised online psychiatry consultations and a $23.5m expansion of the headspace network.

Cancer patients and their families, medical professionals, and researchers will benefit from $452 million to deliver new Comprehensive Cancer Centres in Adelaide and Brisbane. Meanwhile, $14.8 million in funding will establish a Melanoma Nurses Program across Australia.

Finally, preparatory work to establish an Australian Centre for Disease Control will begin with $3.2 million in funding.


Aged Care

The budget shows a commitment to improve safety, dignity, quality and humanity in the aged care sector.

‘This Budget builds on the recommendations of the aged care royal commission and implements the government’s federal election commitments to further reform aged care,’ says Ian Yates, Council on the Ageing CEO.

A $3.9 billion investment in this budget will implement reforms that meet the needs of aged care recipients.

How will the $3.9 billion package be spent?

• $2.5 billion towards 24/7 nurses and increased care minutes
• $48.6 million towards establishing Aged Care Complaints Commissioner and the Inspector-General of Aged Care
• $312.6 million towards improved information and communication technology

From 1 July 2023, aged care residents will benefit from the new requirement for aged care homes to have a registered nurse on site at all times. That’s right, at least one registered nurse must be on site 24 hours a day, seven days a week.

For Australians who wish to be independent and remain living in their own home, reforms to in-home aged care will start from 1 July 2024. Existing in-home aged care programs will continue until this time. You can read more about the existing in-home care packages here.

There is also greater support for young Australians interested in studying aged care such as free TAFE courses. In time, this should increase the available staff in a struggling industry.

Bottom line

While the current budget will decrease overall debt in the next few years and basically halve the deficit, overall Australia’s borrowings are expected to surpass $1 trillion by June 2024. Ultimately, the pension rate and CPI increases are not keeping pace with inflation.

As member @Qwarkus aptly summarised, 'The supermarket trolley holds less every week.'

Anything else of interest?

I’m glad you asked! Other main winners from the budget include the $4.7 billion confirmed spending on childcare, $530 million for paid parental leave and $852 million for vocational education.

Did you tune into the budget, members? Did the government meet your expectations? This is Labor’s first federal budget since 2013 so we’d love to hear from you directly. Let us know in the comments below!

$83.7 million for the ABC and cut back on mental health, no new dams even after

 

[Capsam]

Once again the majority of pensioners miss out. With the rising cost of fuel & now a promised increase in electricity costs, both of which will lead to increasing costs at the supermarket, I begin to wonder about how to survive on the basic age pension. I'm scared & think the best thing is to just die so I don't have any more concerns.

Please don’t give up! I will keep you in my thoughts & prayers.

 

[Capsam]

Politics aside, the reality is that those on fixed incomes continue to fall behind. Electricity, groceries, petrol& the added costs of everything else means that something has to give. I have been in this situation before, heat or eat. I chose to eat. Medications or petrol, I had to choose petrol in order to earn. Now it is more like choosing to survive. Our Superclinic is now advising that bulk billing will not be available because of Medicare rebates not matching costs. If you have a concession card, you now have to be over 75 to access bulk billing! In the meantime we have to pay up front. What hope is there for timely medical care if you have NO money left for a G.P. Appointment? I have been in this situation before too. I had to go without essential medication & treatments, I had no other choice! Perhaps the hope is that anyone over 70 will quietly die!

 

[BJM]

2022-3 Federal Budget: What does it mean for you?​

Yesterday, we looked at the available budget information and what we could expect in terms of support for pensioners. There are a few surprises here and there so stay tuned for everything you need to know.

Well, the Albanese government's first federal budget has officially been released and the question on everyone’s lips is: what does it mean for pensioners? And on a personal level, what does it mean for you?

View attachment 7808

How did pensioners fare in this federal budget? Image Credit: Shutterstock

Cost of living

Unfortunately, members, this isn’t great news.

‘This budget makes hard decisions for hard times,’ Chalmers said in his budget speech.

Further global economic downturn is expected as the government responds to inflation and deals with disaster payments in the wake of the floods. All in all, the economic outlook of Australia looks gloomy.

Despite this, Treasurer Jim Chalmers said, ‘Our economy is expected to grow solidly this financial year, by three and a quarter per cent, before slowing to one and a half per cent growth for 2023-24, a full percentage point lower than what was forecast in March.’

‘The worst thing that we could do is contribute to even higher inflation,’ Chalmers said. ‘We don’t want cost-of-living relief to be counter-productive. The best thing we can do now is exercise restraint.’

$65.7 million in funding has been set aside for government agencies including the Australian Competition and Consumer Commission (ACCC) to regulate the gas and electricity industries. Currently, it’s expected that prices will increase by up to 58 per cent in the coming year (20 per cent increase by Christmas and approximately 30 per cent in the coming financial year).

‘I'm not going to pretend that we're not worried about these electricity price forecasts,’ Chalmers told reporters.

‘I think any responsible government, facing these kinds of price hikes for electricity and gas, needs to consider a broader suite of regulatory interventions,’ he said, making it clear his preference is for legislation, rather than cash splash spending programs.

Working Pensioners and Self-Funded Retirees

Those of you on the age and service pensions can finally earn additional wages before seeing your payments cut.

Working pensioners can now earn an extra $4000 as a one-off this financial year before their payments are reduced. This is a rise in allowed earnings from the previous $7800 to $11,800.

This kicks in from 1 December 2022 and eligible pensioners will have their Work Bonus Income Bank credited until 30 June 2023.

Subject to passage of legislation, Age Pension and equivalent Department of Veterans’ Affairs pension recipients with employment income who exceed the income limit will have their payment suspended for up to two years, rather than cancelled after 12 weeks as is currently the case.

They will also be able to keep their Pensioner Concession Card, and associated benefits, for up to two years.

Almost $70 million has been allocated to increase the income threshold for the seniors’ health card from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.

This higher income threshold is expected to also give more than 50,000 self-funded retirees access to the Commonwealth Seniors Health Card (CSHC).

Housing affordability

As predicted, the National Housing Accord plans for one million affordable houses. This will kick in from 2024 so don’t expect anything anytime soon.

But while building 1 million homes in five years sounds unrealistic, the ABC reports that 985,085 houses were built in the five years prior to March 2022.

‘The budget also includes $350 million for the federal government and states and territories to build 10,000 new homes each year.’ states the ABC.

Older Australians will also continue to be encouraged to downsize their homes and $74 million has been pledged to support this.

The budget will expand the exemption of home sale proceeds from pension asset testing from 12 months to 24 months. This will give pensioners more time to purchase, build or renovate a new home before their pension is affected.

The lower deeming rate (0.25 per cent) will still apply. This rate lower deeming rate will also remain frozen at 0.25 per cent. The upper rate will remain at 2.25 per cent for the next two years (until 30 June 2024).

View attachment 7809

Prime Minister Anthony Albanese congratulates Jim Chalmers on his first budget. Image Credit: ABC News: Nick Haggarty

​

Health care

From January 1, 2023 the maximum general co-payment for Pharmaceutical Benefits Scheme (PBS) medication lowered to $30 per script (from $42.50). The government expects this will save around 3.6 million Australians more than $190 million in out-of-pocket costs.

The bad news? Concession card holders already pay a lower $6.80 co-payment and this figure is not set to change anytime soon. So is this PBS reform even helping the right people? You can read more here.

Funding does, however, include Flash Glucose Monitoring and Continuous Glucose Monitoring devices which is good news for Australians living with Type 1 Diabetes. $327.7 million has been confirmed over 4 years from 2022–2023 so we can expect this to come into effect ASAP. More information is due to be released soon.

$114 million will go to additional mental health and suicide prevention initiatives, including $47.7m to restore the loading for Medicare subsidised online psychiatry consultations and a $23.5m expansion of the headspace network.

Cancer patients and their families, medical professionals, and researchers will benefit from $452 million to deliver new Comprehensive Cancer Centres in Adelaide and Brisbane. Meanwhile, $14.8 million in funding will establish a Melanoma Nurses Program across Australia.

Finally, preparatory work to establish an Australian Centre for Disease Control will begin with $3.2 million in funding.


Aged Care

The budget shows a commitment to improve safety, dignity, quality and humanity in the aged care sector.

‘This Budget builds on the recommendations of the aged care royal commission and implements the government’s federal election commitments to further reform aged care,’ says Ian Yates, Council on the Ageing CEO.

A $3.9 billion investment in this budget will implement reforms that meet the needs of aged care recipients.

How will the $3.9 billion package be spent?

• $2.5 billion towards 24/7 nurses and increased care minutes
• $48.6 million towards establishing Aged Care Complaints Commissioner and the Inspector-General of Aged Care
• $312.6 million towards improved information and communication technology

From 1 July 2023, aged care residents will benefit from the new requirement for aged care homes to have a registered nurse on site at all times. That’s right, at least one registered nurse must be on site 24 hours a day, seven days a week.

For Australians who wish to be independent and remain living in their own home, reforms to in-home aged care will start from 1 July 2024. Existing in-home aged care programs will continue until this time. You can read more about the existing in-home care packages here.

There is also greater support for young Australians interested in studying aged care such as free TAFE courses. In time, this should increase the available staff in a struggling industry.

Bottom line

While the current budget will decrease overall debt in the next few years and basically halve the deficit, overall Australia’s borrowings are expected to surpass $1 trillion by June 2024. Ultimately, the pension rate and CPI increases are not keeping pace with inflation.

As member @Qwarkus aptly summarised, 'The supermarket trolley holds less every week.'

Anything else of interest?

I’m glad you asked! Other main winners from the budget include the $4.7 billion confirmed spending on childcare, $530 million for paid parental leave and $852 million for vocational education.

Did you tune into the budget, members? Did the government meet your expectations? This is Labor’s first federal budget since 2013 so we’d love to hear from you directly. Let us know in the comments below!

Why should retirees be “encouraged” to down size their homes to make way for young families to buy a home. Retirees have worked hard and saved over many years to have their own home….

 

[Pauline 1949]

I agree we need to tighten the apron strings but I’m over the PM telling us he grew up in a Housing Commission home so understands poverty. No he doesn’t he forgets. I suggest he brings back the support for cheaper fuel even if it’s just for truck drivers and farmers at least that MAY reduce prices in the supermarket helping us all. People are really struggling, is he completely blind.

 

[Glo72]

2022-3 Federal Budget: What does it mean for you?​

Yesterday, we looked at the available budget information and what we could expect in terms of support for pensioners. There are a few surprises here and there so stay tuned for everything you need to know.

Well, the Albanese government's first federal budget has officially been released and the question on everyone’s lips is: what does it mean for pensioners? And on a personal level, what does it mean for you?

View attachment 7808

How did pensioners fare in this federal budget? Image Credit: Shutterstock

Cost of living

Unfortunately, members, this isn’t great news.

‘This budget makes hard decisions for hard times,’ Chalmers said in his budget speech.

Further global economic downturn is expected as the government responds to inflation and deals with disaster payments in the wake of the floods. All in all, the economic outlook of Australia looks gloomy.

Despite this, Treasurer Jim Chalmers said, ‘Our economy is expected to grow solidly this financial year, by three and a quarter per cent, before slowing to one and a half per cent growth for 2023-24, a full percentage point lower than what was forecast in March.’

‘The worst thing that we could do is contribute to even higher inflation,’ Chalmers said. ‘We don’t want cost-of-living relief to be counter-productive. The best thing we can do now is exercise restraint.’

$65.7 million in funding has been set aside for government agencies including the Australian Competition and Consumer Commission (ACCC) to regulate the gas and electricity industries. Currently, it’s expected that prices will increase by up to 58 per cent in the coming year (20 per cent increase by Christmas and approximately 30 per cent in the coming financial year).

‘I'm not going to pretend that we're not worried about these electricity price forecasts,’ Chalmers told reporters.

‘I think any responsible government, facing these kinds of price hikes for electricity and gas, needs to consider a broader suite of regulatory interventions,’ he said, making it clear his preference is for legislation, rather than cash splash spending programs.

Working Pensioners and Self-Funded Retirees

Those of you on the age and service pensions can finally earn additional wages before seeing your payments cut.

Working pensioners can now earn an extra $4000 as a one-off this financial year before their payments are reduced. This is a rise in allowed earnings from the previous $7800 to $11,800.

This kicks in from 1 December 2022 and eligible pensioners will have their Work Bonus Income Bank credited until 30 June 2023.

Subject to passage of legislation, Age Pension and equivalent Department of Veterans’ Affairs pension recipients with employment income who exceed the income limit will have their payment suspended for up to two years, rather than cancelled after 12 weeks as is currently the case.

They will also be able to keep their Pensioner Concession Card, and associated benefits, for up to two years.

Almost $70 million has been allocated to increase the income threshold for the seniors’ health card from $61,284 to $90,000 for singles and from $98,054 to $144,000 (combined) for couples.

This higher income threshold is expected to also give more than 50,000 self-funded retirees access to the Commonwealth Seniors Health Card (CSHC).

Housing affordability

As predicted, the National Housing Accord plans for one million affordable houses. This will kick in from 2024 so don’t expect anything anytime soon.

But while building 1 million homes in five years sounds unrealistic, the ABC reports that 985,085 houses were built in the five years prior to March 2022.

‘The budget also includes $350 million for the federal government and states and territories to build 10,000 new homes each year.’ states the ABC.

Older Australians will also continue to be encouraged to downsize their homes and $74 million has been pledged to support this.

The budget will expand the exemption of home sale proceeds from pension asset testing from 12 months to 24 months. This will give pensioners more time to purchase, build or renovate a new home before their pension is affected.

The lower deeming rate (0.25 per cent) will still apply. This rate lower deeming rate will also remain frozen at 0.25 per cent. The upper rate will remain at 2.25 per cent for the next two years (until 30 June 2024).

View attachment 7809

Prime Minister Anthony Albanese congratulates Jim Chalmers on his first budget. Image Credit: ABC News: Nick Haggarty

​

Health care

From January 1, 2023 the maximum general co-payment for Pharmaceutical Benefits Scheme (PBS) medication lowered to $30 per script (from $42.50). The government expects this will save around 3.6 million Australians more than $190 million in out-of-pocket costs.

The bad news? Concession card holders already pay a lower $6.80 co-payment and this figure is not set to change anytime soon. So is this PBS reform even helping the right people? You can read more here.

Funding does, however, include Flash Glucose Monitoring and Continuous Glucose Monitoring devices which is good news for Australians living with Type 1 Diabetes. $327.7 million has been confirmed over 4 years from 2022–2023 so we can expect this to come into effect ASAP. More information is due to be released soon.

$114 million will go to additional mental health and suicide prevention initiatives, including $47.7m to restore the loading for Medicare subsidised online psychiatry consultations and a $23.5m expansion of the headspace network.

Cancer patients and their families, medical professionals, and researchers will benefit from $452 million to deliver new Comprehensive Cancer Centres in Adelaide and Brisbane. Meanwhile, $14.8 million in funding will establish a Melanoma Nurses Program across Australia.

Finally, preparatory work to establish an Australian Centre for Disease Control will begin with $3.2 million in funding.


Aged Care

The budget shows a commitment to improve safety, dignity, quality and humanity in the aged care sector.

‘This Budget builds on the recommendations of the aged care royal commission and implements the government’s federal election commitments to further reform aged care,’ says Ian Yates, Council on the Ageing CEO.

A $3.9 billion investment in this budget will implement reforms that meet the needs of aged care recipients.

How will the $3.9 billion package be spent?

• $2.5 billion towards 24/7 nurses and increased care minutes
• $48.6 million towards establishing Aged Care Complaints Commissioner and the Inspector-General of Aged Care
• $312.6 million towards improved information and communication technology

From 1 July 2023, aged care residents will benefit from the new requirement for aged care homes to have a registered nurse on site at all times. That’s right, at least one registered nurse must be on site 24 hours a day, seven days a week.

For Australians who wish to be independent and remain living in their own home, reforms to in-home aged care will start from 1 July 2024. Existing in-home aged care programs will continue until this time. You can read more about the existing in-home care packages here.

There is also greater support for young Australians interested in studying aged care such as free TAFE courses. In time, this should increase the available staff in a struggling industry.

Bottom line

While the current budget will decrease overall debt in the next few years and basically halve the deficit, overall Australia’s borrowings are expected to surpass $1 trillion by June 2024. Ultimately, the pension rate and CPI increases are not keeping pace with inflation.

As member @Qwarkus aptly summarised, 'The supermarket trolley holds less every week.'

Anything else of interest?

I’m glad you asked! Other main winners from the budget include the $4.7 billion confirmed spending on childcare, $530 million for paid parental leave and $852 million for vocational education.

Did you tune into the budget, members? Did the government meet your expectations? This is Labor’s first federal budget since 2013 so we’d love to hear from you directly. Let us know in the comments below!

 

[Glo72]

Of course it was a tough budget and it was expected. Pandemic and war in Ukraine, floods in Australia have impacted every part of our economy and will for quite some time. My husband and I live on our pensions and we pay rent,it is tough but we are managing. Anyone who really thought that there was going to be a magic fix in the budget seriously needs to do some in-depth reading about how to rein in inflation. Things will improve slowly and we have to wait it out.

 

[Gsr]

How about cutting politicians automatic pay rises they get each year, put ex politicians on same aged pension as everybody else but not until they reach pension age, and pass same means test as rest of us, cut the free travel and other perks as they are wealthy enough to pay their own way, make the prime minister and opposition leader pay all their own living costs including groceries. Prime minister should pay market rent for the lodge and any other government houses he lives in as well as upkeep and any staff he has. These savings would probably add millions each year to the budget. After all, politicians are no more important than anyone else who lives in Australia, so shouldn’t expect to be treated any differently to the rest of us, they just have an over inflated ego that makes them think they are more important than the rest of us.

 

[IamJane]

The basic age pension has not been increased for yonks and the twice-yearly COL rise just does not make one iota of difference to a person's capacity to save for any unforeseen contingencies. My meagre savings are
eroding by the day....the aged care package which was once my safety net as far as being reimbursed for legitimate chemist purchases, sight management, some small home repairs for disabled single people has been trimmed down to the bare bone as the Government has grabbed total control of and sits on all unused funds. Never mind - at least they are spending more on suicide prevention initiatives, so that's a big help!