Discover the staggering amount the Australian government spends on welfare each year
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Making ends meet is tough enough as it is, but it's an even bigger challenge for Aussies who rely on government welfare to get by.
If you've ever found yourself wondering how much of the taxpayer's money goes into social security and welfare in Australia, you may be surprised to learn that it’s a staggering amount.
In fact, according to reports, the government spends more on welfare than education, health and defence.
Treasurer Jim Chalmers recently unveiled a whopping $15 billion package of welfare increases to help tackle the rising cost of living, and this was part of a long-term plan to allocate even more funds to welfare.
Statistics revealed that over the past five years, welfare has accounted for a third of overall government spending.
Estimates also suggested that over $205 billion will be spent on social security and welfare from 2023 to 2024, a 20 per cent increase since 2018/2019.
According to reports, welfare spending also skyrocketed to approximately $227 billion from 2020 to 2021, with this increase largely attributed to programs such as the Pandemic Leave Disaster Payment.
Although spending has declined since the pandemic, it's still significantly higher than it was before the crisis began.
This comes after Treasurer Jim Chalmers announced a major budget shake-up from Centrelink and Medicare to retirement savings.
Among the many measures introduced to address the cost-of-living crisis, Jobseeker payments will see an increase of $40 per fortnight.
Additionally, more than five million households will be eligible for up to $500 in a cost-of-living rebate.
Government welfare spending, which covers aspects such as JobSeeker payments, child care subsidies, family tax benefits, pension spending and the National Disability Insurance Scheme, consistently outpaces expenditure in other sectors.
It's always tough to make ends meet, so these welfare measures are an incredibly welcome addition to help Aussies in financial difficulty.
This report comes after it was announced that the Coalition is backing the government’s proposition of a $40 fortnightly increase to JobSeeker and Youth Allowance payments.
This would provide some much-needed relief to the hip pockets of over a million Australians on welfare, including seniors. Moreover, the extra $92.10 a fortnight currently received by people over 60 will now also be offered to people over the age of 55.
You can read the rest of the story here.
If you feel like you might need some additional assistance from the government when it comes to covering the cost of living, don't be afraid to look into it.
There are plenty of government benefits available, such as the Pensioner Concession Card, which will give you access to a range of other discounts, as well as the Commonwealth Seniors Health Card, which provides access to discounts on a range of prescription and over-the-counter medications.
What do you think about this, members? Share your thoughts in the comments!
If you've ever found yourself wondering how much of the taxpayer's money goes into social security and welfare in Australia, you may be surprised to learn that it’s a staggering amount.
In fact, according to reports, the government spends more on welfare than education, health and defence.
Treasurer Jim Chalmers recently unveiled a whopping $15 billion package of welfare increases to help tackle the rising cost of living, and this was part of a long-term plan to allocate even more funds to welfare.
Statistics revealed that over the past five years, welfare has accounted for a third of overall government spending.
Estimates also suggested that over $205 billion will be spent on social security and welfare from 2023 to 2024, a 20 per cent increase since 2018/2019.
According to reports, welfare spending also skyrocketed to approximately $227 billion from 2020 to 2021, with this increase largely attributed to programs such as the Pandemic Leave Disaster Payment.
Although spending has declined since the pandemic, it's still significantly higher than it was before the crisis began.
This comes after Treasurer Jim Chalmers announced a major budget shake-up from Centrelink and Medicare to retirement savings.
Among the many measures introduced to address the cost-of-living crisis, Jobseeker payments will see an increase of $40 per fortnight.
Additionally, more than five million households will be eligible for up to $500 in a cost-of-living rebate.
Government welfare spending, which covers aspects such as JobSeeker payments, child care subsidies, family tax benefits, pension spending and the National Disability Insurance Scheme, consistently outpaces expenditure in other sectors.
It's always tough to make ends meet, so these welfare measures are an incredibly welcome addition to help Aussies in financial difficulty.
This report comes after it was announced that the Coalition is backing the government’s proposition of a $40 fortnightly increase to JobSeeker and Youth Allowance payments.
This would provide some much-needed relief to the hip pockets of over a million Australians on welfare, including seniors. Moreover, the extra $92.10 a fortnight currently received by people over 60 will now also be offered to people over the age of 55.
You can read the rest of the story here.
Key Takeaways
- The Australian government spends more on social security and welfare than any other area, with figures set to increase under the current Labor administration.
- Welfare spending, including JobSeeker payments, child care subsidies, family tax benefits, and pension spending, consistently outstrips expenditure in other areas such as education, health, and defence.
- Over the past five years, welfare has accounted for over a third of all government expenditure, with estimates suggesting over $205 billion will be spent on social security and welfare in 2023/24.
- Treasurer Jim Chalmers recently announced a $15 billion package of welfare increases, aiming to tackle the cost-of-living crisis by raising Jobseeker payments and offering cost-of-living rebates to over five million households.
There are plenty of government benefits available, such as the Pensioner Concession Card, which will give you access to a range of other discounts, as well as the Commonwealth Seniors Health Card, which provides access to discounts on a range of prescription and over-the-counter medications.
What do you think about this, members? Share your thoughts in the comments!