The 2019 valuation report provides insights into how the current Australian population is likely to use welfare in the future.
The report reveals that Australia’s total lifetime cost is around $5.5 trillion as at 30 June 2019.
To compare changes in estimated future lifetime costs from the previous year, the Priority Investment Approach has reproduced the results of the 2018 Valuation Report using an updated modelling process. This change shows a 3.4 per cent overall reduction in the projected cost of welfare from 2018 to 2019.
This analysis will inform government policies aimed at helping Australians to live independently of welfare and achieving more positive life outcomes.