Technical update: HELP thresholds, Age pension, Aged care, FTB (Xiake v4)

Overview

The government recently published a number of figures that have been indexed upwards by CPI, which we have updated accordingly in Pathfinder. For future years, these figures will be indexed by our forecasted CPI.

HELP thresholds

• The HELP debt repayment income thresholds have each increased by 6.59%. The thresholds now range from $51,549 and below, for a 0% repayment rate, to $151,201 and above, for 10%.

• These figures can be found in the https://www.legislation.gov.au/Details/C2023G00554 document.

Age pension

• These figures include deeming rates, as well as income and asset tests thresholds for the government age pension, and have generally increased by 7-8% from the previous year.

• This data can be found on the Services Australia website.

Aged care

• These figures include income and asset tests thresholds for Home and Residential care, which have generally increased by 4%. Notably, the Maximum permissible interest rate is now 7.9% (an increase of 11.9% from a previous value of 7.06%).

• Further detail can be found in the Schedule of fees and charges for residential and home care from 1 July 2023 document.

Family Tax Benefit

• The figures relating to Family tax benefit part A and B include maximum supplement payments and income test thresholds, which have all increased around 11-12%.

• This data can be found at the Family Assistance Guide website.