Health initiatives 2023-24: Mercer's Australian Federal Budget 2023-24 analysis and insights
05 February 2023
Supporting the resilience of the most vulnerable workforce
In today’s challenging times with ongoing crises affecting businesses and employees, such as inflation, workforce exhaustion, climate-change, talent crisis and the high cost of living, the Government presented a package of investments aimed at protecting the productivity of the most vulnerable workers.
Investments in improved cost of living, access to healthcare, affordable childcare, social housing and ongoing support for improved equality for women (each described in more detail elsewhere). Additionally, the government is committing $556.2 million over the next five years, along with $36.0 million ongoing, to strengthen Australia’s mental health and suicide prevention system, which will provide significant support to those in need.
However, despite this investment, between 81%* and 93%** of the workforce is at risk of burnout. The pressure remains on employers to prioritise and support the health, resilience and productivity of their employees, particularly those not directly impacted by this Budget.
* Mercer Global Talent Trends 2022-23
** MMB Health on Demand 2023
Mercer’s Perspective
Implications for employers
Implications for individuals
Accessing more Bulk Billing
Mercer’s Perspective
Implications for individuals
Reducing the costs of medicines
Mercer’s Perspective
Implications for employers
Implications for individuals
Additional funding for Medicare Urgent Care Clinics
Mercer’s Perspective
Implications for employers
Implications for individuals
Mental Health
Mercer’s Perspective
Implications for employers
Implications for individuals
This content is intended to inform clients of Mercer’s views on particular issues. It is not intended to be provided to any person as a retail client and should not be relied upon or used as a substitute for professional advice specific to a client’s individual circumstances. Whilst Mercer believes the prospective information and forward looking statements made by Mercer in this report are based on reasonable grounds, they are predictive in character and may therefore be affected by inaccurate assumptions or by known or unknown risks and uncertainties. This content has been prepared by Mercer Consulting (Australia) Pty Ltd (MCAPL) ABN 55 153 168 140, Australian Financial Services Licence #411770. Any advice contained in this content is of a general nature only and does not take into account the personal needs and circumstances of any particular individual. Prior to acting on any information contained in this content you need to take into account your own financial circumstances, consider the Product Disclosure Statement for any product you are considering and seek advice from a licensed, or appropriately authorised financial adviser if you are unsure of what action to take. ‘MERCER’ is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917.
Copyright 2023 Mercer LLC. All rights reserved.