Jul 10 2013

Medicare Levy rate to rise to 2%

Changes to the Medicare Levy in the Australian Budget 2013-14

The Government will increase the Medicare levy by half a percentage point from 1.5 to 2 per cent from 1 July 2014 to provide strong and stable funding for DisabilityCare Australia.

This is estimated to have a gain to tax revenue of $11.4 billion over the forward estimates period and $20.4 billion to 2018‑19. This will be dedicated to DisabiltyCare Australia to provide certainty to Australians with a disability, their families and their carers.

Low‑income earners will continue to receive relief from the Medicare levy through the low income thresholds for singles, families, seniors and pensioners.

The current exemptions from the Medicare levy will also remain in place.

The revenue raised by the increase in the Medicare levy will be invested in a new fund — the DisabilityCare Australia Fund (the Fund) — to be drawn on for expenditure directly related to DisabilityCare Australia. It is estimated the Fund will generate $467.4 million in earnings over the forward estimates period.

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