Federal Budget 2018 – Social Security

9 May, 2018 by Katerina Sousalis Katerina Sousalis // Wealth Management

This article is published by Modoras Pty Ltd

Federal Budget 2018 Social SecurityFederal Budget 2018 Initiatives: Social Security

Pension Loan Scheme increase to maximum payments

Effective 1 July 2019

The Pension Loan Scheme allows eligible individuals to access some of the equity in their home or other property via a Government loan. These payments are advanced in fortnightly instalments. Effective 1 July 2019, maximum payments will increase from 100% of the aged pension to 150%.

This scheme will be available to all Australians whose property meets eligibility requirements regarding value of the property used as loan security.

Increase in residential aged care funding

Effective 1 July 2018

Residential aged care funding for residential aged care and short-term restorative care places will be increased by $60 million in the coming financial year in support of new places.  This is in addition to the $82.5 million to support mental health services for residents of aged care facilities.

Providing better access to aged care

Effective 1 July 2018

An additional 14,000 new high level home care packages will be provided over a 4 year period from 1 July 2018. This is in addition to the 6,000 high level packages delivered in the 17/18 Mid-Year Economic and Fiscal Outlook.

The additional home care packages will be complemented by the release of a further 13,500 residential aged care places and 775 short-term restorative care places.

This article is published by Modoras Pty Ltd ABN 86068034908 AFS and Credit License No. 233209. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). While every effort is made to ensure that the information is accurate, users must be aware that some information may not be accurate or is no longer current. No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.

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