History has shown us that governments are unable to honour commitments over time and so specialist accounts need to be protected from the other programs of government. Most of the government income goes into an account called Consolidated Revenue and from this bucket government programs are funded. We have specified amounts of funds being collected for particular purposes – namely NDIS and Medicare both via a levy on the taxable income of all income earners. It seems that this money should be deposited in a specialized fund to determine its adequacy and the Auditor General should see that the account is separately managed and to have publically disclosed records of the accounts prior to each budget and general election.
It is only when true and accurate accounts are kept separate from other accounts we know if a levy is sufficient for the purpose it is collected for and so we propose that – all specialist accounts will be protected accounts and only used for the purpose for which they were created.
The NDIS levy and the Medicare levy will be placed into a specialist account and only payments for their purposes can be accessed. This account is to be directly overseen by the Auditor General who will report publically on the account movements.
A specialist account will be created for the payment of pensions which will be overseen the Auditor General as well.
The determination of the initial payment amounts into the pension account will be calculated by averaging the last 5 years of pension payments and then to calculate that as a % of the income tax take to determine the initial levy to be deposited from the income tax payments.