The Impact of the Federal Budget 2022 On Seniors

National Seniors Australia has analysed the Federal Budget 2022 and has summarised the benefits to seniors, which are as follows:

Cost of living

Cost of living payment: Concession card holders will receive a $250 Cost of Living Payment in April to help with general living cost increases.
Fuel excise reduction: A 50 per cent reduction in the fuel excise has been provided and will be in effect for 6 months (until 28 September 2022) to offset rising petrol and diesel prices.

Income and savings

Superannuation drawdown limits: This includes a further 12-month extension of the halving of minimum superannuation drawdown rates has been included in the Budget (until 30 June 2023).
Tax offset for working seniors: The Low-and-Middle Income Tax Offset will be increased to $420 for the 2021–22 income year, temporarily benefitting older Australians in the workforce.

Aged care

Residential aged care: Includes $345.7 million over four years is being used to establish on-site pharmacists and community pharmacy services in government-funded residential aged care facilities.
Aged care workforce: Includes 15,000 low and fee-free training places in aged care courses through the JobTrainer Fund at a cost of $48.5 million.
Home care: The home care sector has received $5.4 million from 2022–23 to continue consultation on the design of the wider aged care reforms, including a new regulatory framework for the Support at Home Program.
COVID-19 response: One-off payments of up to $800 are being made to aged care workers in residential and home care at a cost of $215.3 million over two years.

Health

COVID-19: Includes an agreement with Moderna to establish sovereign mRNA vaccine manufacturing capability (in collaboration with the Victorian Government) to provide access to mRNA vaccines, and support research and development, and domestic preparedness for future pandemics.
PBS Safety Net Threshold: An investment of $525.3 million over four years will lower Pharmaceutical Benefits Scheme Safety Net thresholds from 1 July 2022.
Fighting cancer: Funding of $375.6 million will be provided over four years for the establishment of the Western Australian Comprehensive Cancer Centre in Perth to support multidisciplinary cancer care, research, and clinical trials in a purpose-built facility for all types of cancers.
Dental: The Federation Funding Agreement of Public Dental Services for Adults has been extended with $108.5 million over two years from 2022–23 to support the states and territories to provide public dental health services and fund the next National Child Oral Health Study.

To read more about National Seniors’ assessment of the budget please click HERE.

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