Consumption Rate of Pioneer Generation Fund

Mr Azmoon Ahmad asked the Minister for Finance (a) what is the annual consumption rate of the $8 billion Pioneer Generation Fund since its inception in March 2015; (b) what is the estimated number of Pioneer Generation individuals serviced under this fund; and (c) how long is the fund expected to last based on the current consumption rate.

About 450,000 Pioneers have benefited from the Pioneer Generation Package. As of May 2018, more than $1.3 billion has been disbursed from the Pioneer Generation Fund. This works out to an average of about $430 million disbursed annually1. The remaining fund balance is about $7.2 billion, inclusive of interest earned. The Fund Financial Statements are presented in Parliament at the end of each financial year and are also available online.

Based on our current estimates, the Pioneer Generation Fund, with accumulated interest over time, remains adequate to meet the full cost of the Pioneer Generation Package.