The National Disability Insurance Scheme is set to cost half a billion dollars more this financial year compared to estimates produced just four months ago.
A Senate estimates hearing was told the scheme will cost $500 million (US$345 million) more for the 2022/23 financial year than what the government forecast in the October budget.
At the time, the budget said the scheme would cost $35.5 billion for the financial year.
Projections have shown the scheme will cost $44.1 billion by 2024/25 and more than $50 billion the following year, overtaking annual costs for Medicare.
The scheme’s acting actuary David Gifford told, estimates the cost of the scheme was $300 million more than expected from July to December 2022….