What the official record says
This Act is the Social Security (Long-term Residential Care—Budget Measures) Amendment Act . This Act comes into force on . This Act amends the Social Security Act 1964 (the ). This amends the Social Security Act 1964 to ensure that the long-term residential care applicable asset thresholds for the year 1 July 2011 to 30 June 2012 are on 1 July in 2013, and on every following 1 July, subject to a required annual Consumers Price Index (or CPI) adjustment. By way of explanation, the applicable asset threshold is the value of assets applied to determine whether a resident assessed as requiring care must use his or her assets to pay the cost of contracted care services provided to the person. The principal Act as amended by this on applies in respect of residents assessed as requiring care bef