1202AFE Lecture Notes - Lecture 11: Single Person, Government Spending, Social Security In Australia
30 May 2018
School
Department
Course
Professor
Week 11 Financial Planning 1 Lecture Notes
Topic 10: Social Security
Introduction and social security statistics
• Social security = providing financial assistance to those who need it
o e.g. the aged population, people raising children, people who are ill, injured
or disabled or who are unemployed
• Why do we have social security?
• Why is it important for financial planners to have an understanding of the different
Social Security entitlements?
Total real growth in expenses by function- 2016-17 to 2019-20
Social security and welfare: 2016-17 estimates
Pension spending by country as %
of GDP
40%
4%
21%
24%
6% 5% Assistance to the aged
Assistance to veterans and
dependants
Assistance to people with disabilities
Assistance to families with children
Assistance to the unemployed and the
sick
Other welfare programmes / general
administration
find more resources at oneclass.com
find more resources at oneclass.com
The age pension- entitlement and calculation
The age pension: process
The Age pension- asset test
Maximum benefit payable under the asset test
find more resources at oneclass.com
find more resources at oneclass.com
