Priority Investment Approach 2022 Valuation Report

Release Date
28 May 2024

The 2022 valuation report provides insights into how the Australian population at 30 June 2022 is likely to use social security payments in the future.

Future total lifetime cost

The report reveals that Australia’s future total lifetime cost is around $5.6 trillion as at 30 June 2022.

Updated modelling process

To compare changes in estimated future lifetime costs from the previous year, the Priority Investment Approach reproduced the results of the 2021 Valuation Report using an updated modelling process.

This change shows a 2.4 per cent overall increase in the projected lifetime cost of social security payments from 2021 to 2022.

The increase reflects factors such as population growth, and changes in the economic outlook outlined in the 2023–24 Budget, including the predicted indexation rate for social security payments.

Report style refreshed

The style of the report was refreshed, with a focus on providing key insights into how people are using the social security system across the life course

Download the report and products

The report and accompanying products are available for download from the Department of Social Services website.