The Department of Social Services (the Department) is implementing an investment approach to welfare. The primary aim of the Australian Priority Investment Approach to Welfare is to reduce welfare dependency and to improve the lifetime wellbeing of people and families in Australia. This approach uses actuarial analysis to estimate the future lifetime cost of Australia’s social security system and the results of the analysis will be used to develop policy interventions for cohorts at risk of long-term welfare dependency and, in turn, improve lifetime wellbeing and reduce the Commonwealth’s future costs. The use of actuarial valuations is consistent with the recommendations of the McClure Review of Australia's welfare system and is a Ministerial priority. The University of Queensland’s (UQ) Institute for Social Science Research (ISSR), in partnership with Deloitte, has been engaged to validate the two actuarial valuations of the Commonwealth’s social security and income support system using the Australian Priority Investment Approach to Welfare. This report summarises findings from the validation of the first actuarial valuation known as the valuation’ which ‘baseline estimates the total lifetime costs for the Australian population as at 30 June 2015 and was undertaken by PricewaterhouseCoopers (PwC) in conjunction with Data Analysis Australia (DAA).
The Department of Social Services (the Department) is implementing an investment approach to welfare. The primary aim of the Australian Priority Investment Approach to Welfare is to reduce welfare dependency and to improve the lifetime wellbeing of people and families in Australia. This approach uses actuarial analysis to estimate the future lifetime cost of Australia’s social security system and the results of the analysis will be used to develop policy interventions for cohorts at risk of long-term welfare dependency and, in turn, improve lifetime wellbeing and reduce the Commonwealth’s future costs. The use of actuarial valuations is consistent with the recommendations of the McClure Review of Australia's welfare system and is a Ministerial priority. The University of Queensland’s (UQ) Institute for Social Science Research (ISSR), in partnership with Deloitte, has been engaged to validate the two actuarial valuations of the Commonwealth’s social security and income support system using the Australian Priority Investment Approach to Welfare. This report summarises findings from the validation of the first actuarial valuation known as the ‘baseline valuation’ which estimates the total lifetime costs for the Australian population as at 30 June 2015 and was undertaken by PricewaterhouseCoopers (PwC) in conjunction with Data Analysis Australia (DAA).