Key terms: Mid-year Economic and Fiscal Outlook report – MYEFO – Social Welfare Benefits – Australia Permanent Resident – Family Tax Benefit – Paid Parental Leave – Carers Allowance – Assurance of Support – Partner Visa – Parent Visa
Australia has released its Mid-Year Economic and Fiscal Outlook (MYEFO) report and there are implications for new and prospective migrants to Australia. There are two changes proposed to be implemented on 1 July 2018, namely:
(1) Waiting period for social benefits will be extended to 3 years (currently 2 years) and will include Family Tax Benefit (FTB), Paid Parental Leave (PPL) and Carers Allowance
(2) Assurance of Support (AoS) financial bonds will increase to 3 years (currently 2 years)
While there are limited exemptions on the waiting period for social benefits, this will affect the majority of new permanent residents who are planning to start a family. The loss of Family Tax Benefits and Paid Parental Leave will drive up the costs of having a child.
If you need more information about the Family Tax Benefit or Paid Parental Leave, please visit the Department of Human Services here: https://www.humanservices.gov.au/
For more information on Assurance of Support (AoS), read the Department of Immigration and Border Protection (DIBP) factsheet here: http://www.border.gov.au/about/corporate/information/fact-sheets/34aos
Source:
http://www.budget.gov.au/2017-18/content/myefo/download/MYEFO_2017-18.pdf
This information is accurate on 19 December 2017.
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