Dear EEAA Members,
Find below two federal government initiatives that have been announced to help address workforce issues.
1. Greater Flexibility for Older Workers
The government has made temporary changes to the Work Bonus. The changes give older Australians greater flexibility to work and earn more without affecting their pension, meaning that until 31 December 2023, pensioners over Age Pension age will benefit from an immediate $4000 increase in the maximum Work Bonus income bank balance – from $7800 to $11,800. To help highlight this opportunity, Austrade have developed a kit of materials that explain the changes – see attached.
2. International Student Changes The government announced an increase to post-study work rights for international graduates of select degrees from 1 July. This was a commitment made following the Jobs and Skills Summit, the details of which were developed after advice from a working group. Further information is available here.
Government also announced a decision in relation to the amount of hours that student visa holders should be permitted to work. Currently, the hours are unrestricted, as a temporary measure to assist with labour and skills shortages. From 1 July, a cap will be reintroduced. However, this will not revert to the previous level of 40 hours a fortnight, with an increase to 48 hours a fortnight.