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FRLI ID: F2012L02567
Portfolio: Families,
Community Services and Indigenous Affairs
Social Security (Actuarial Certificate - Lifetime Income Stream Guidelines)
Determination 2012
FRLI ID: F2012L02565
Portfolio: Families,
Community Services and Indigenous Affairs
Summary of committee view
2.1
The committee seeks clarification as to rationale for changing the
guidelines and the possible impact of the changes on the quantum of social
security benefits payable to persons.
Overview
2.2
These legislative instruments provide guidelines to be complied with
when determining whether an income stream is an asset-test exempt income stream
that is generally exempt from the asset testing requirements of the Social
Security Act 1991. Where these guidelines are not satisfied, the
income stream would lose its asset-test exemption. As a result, the instruments
may ultimately affect the rate of social security payable to a person.
Compatibility with human rights
2.3
The statements of compatibility for both instruments state that the
instruments do not engage any of the applicable rights or freedoms.
2.4
However, as the instruments may affect the rate of social security
payable to a person, the instruments may engage the right to social security
contained in article 9 of the International Covenant on Economic, Social
and Cultural Rights (ICESCR).
2.5
The committee intends to write to the Minister for Families,
Community Services and Indigenous Affairs to seek further clarification in
relation to:
- the rationale for changing the guidelines; and
- the potential impact of the changes to the guidelines on the quantum
of social security benefits payable to persons, including the number of social
security recipients who may receive reduced benefits as a result of the changes.
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