The 2022 Australian Priority Investment Approach to Welfare Valuation Report has been released.

The report, prepared by the Australian Government Actuary, provides a summary of insights from the 30 June 2022 actuarial valuation of the Australian income support and social security system, including trends on how Australians are likely to access the system over their lifetime.

This year’s report has a greater focus on presenting insights at different life stages, in comparison to previous reports.

The key findings include:

  • On 30 June 2022, the total future Lifetime Cost of the social security system is estimated at $5.6 trillion.
  • More than half of all Australians have accessed social security support at some point in their lives.
  • 1 in 6 Australians who are not currently receiving social security will start receiving payments over the next 5 years.
  • While the cost-of-living pressures will continue to pose challenges for Australians, measures have been introduced in response, including:
    • expanded eligibility for Parenting Payment Single
    • increased base rate for working age and student payments
    • increasing the rate of Rent Assistance
    • extended higher rate of payment for single people aged 55 or older receiving JobSeeker Payment long-term.

The report is available on the Department of Social Services’ website.

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