Learn more about arranging a home care package. This increased preference among senior Australians to ‘age in place’ is also reflected in a temporary reduction in the residential aged care provision ratio, from 78.0 places to 60.1 places per 1,000 people aged 70 years or older. In a move to assist more senior Australians to remain in their homes as they age, the Government is committing $166.8 million to provide an additional 9,500 home care packages. Additional funding for Home Care packages It is expected that this increase in JobSeeker for eligible recipients aged 55 and over will benefit some 52,000 individuals, disproportionately female, who will receive an increase in their base rate payment of $92.10 per fortnight. Currently this higher rate applies only to recipients who are 60 and over. In an acknowledgement that there may be structural impediments to older Australians re-engaging with the workforce, the Budget extends the existing higher rate of JobSeeker to recipients 55 and over who have received the payment for nine or more consecutive months. The Budget introduces a measure to assist Australians aged between 55 and 60 who are currently on the JobSeeker income support payment. Are you with a top performing super fund?Ĭlick here to compare more than 80 super funds, including performance, fees, features, awards and more Change to JobSeeker payment rate for older Australians.With real wages forecast to fall 2.25% this financial year, this budget’s focus is very much on alleviating cost-of-living pressures, with many of the key budget measures aimed at providing assistance to counteract the effects of rising household living costs. The outlook for inflation is unfortunately less rosy, with the Consumer Price Index (CPI) forecast to stay at a stubbornly high 6% for 2022–23, falling to 3.25% for 2023–24. Inflation is now not forecast to fall back into the RBA’s preferred 2–3% per year band before 2024–25. Since the October 2022 mini-budget, the Commonwealth Government has enjoyed a receipts tailwind provided by a strong labour market and elevated commodity prices. These have combined to now deliver a surprise expected cash surplus of $4.2 billion for the 2022–23 financial year, followed by a deficit of $13.9 billion for 2023–24. The Budget seeks to address the latter issue directly with a relief package of almost $15 billion, spearheaded by its Energy Price Relief Plan. The second Budget of the Albanese Government holds the line on fiscal discipline, while acknowledging the pain that many Australian households now face with mounting cost-of-living pressures.
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