Statement 1: Budget Overview (Continued)
Supporting Senior Australians
The Government will provide $127.0 million for the Supporting Senior Australians package to improve the wellbeing of senior Australians and position Australia to take advantage of the opportunities of an ageing population. It is a continuing priority of Government to turn grey into gold.
The Government will trial a new measure to assist senior Australians to downsize their home without putting their eligibility for the Age Pension at risk. A three year trial will commence on 1 July 2014 where senior Australian homeowners who downsize when buying another home will have an option to invest at least 80 per cent of surplus funds remaining (up to a cap of $200,000) in a special account. The funds invested in the account would be exempt from the Age Pension means test for up to 10 years. The scheme would only be available to Australians over Age Pension age who have owned their home for at least 25 years.
The Government will expand the Broadband for Seniors program which provides senior Australians with access to computer and internet facilities in their local area, at a cost of $9.9 million over four years. This includes an additional $5.0 million for training, with a focus on cyber security issues and multimedia devices.
In addition, $4.6 million over four years will be provided to establish the Andrew Fisher Applied Policy Institute for Ageing (the Institute) to provide advice on how to best position Australia for the challenges and opportunities of an ageing population. The Institute will aim to be an international leader in policy advice on ageing, with a focus on ageing in the Asia‑Pacific region.
Recognising the circumstances of the many older Australians who suffer from chronic wounds, the Government will undertake a scoping study to provide a detailed cost‑benefit analysis of options to improve the management of chronic wounds.
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