Nearly 5 million Australians will receive a major increase to their pension and allowance payments when they are indexed to inflation later this month. Source: Nine.com.au.
Recipients of the Age Pension, Disability Support Pension and Carer Payment can expect an increase of $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
The maximum fortnightly rate of the pension will increase to $1064 for singles and $1604 for couples, including the pension and energy supplements.
Single JobSeeker and ABSTUDY recipients aged over 22 and without children will receive an extra $24.70 per fortnight.
Each member of a couple receiving the payments will receive a $22.50 increase per fortnight.
Single parents receiving the parenting payment will benefit from an extra $33.90 a fortnight.
Single parents receiving the Parenting Payment will also benefit from an additional $33.90 a fortnight, with the rate increasing to $967.90 including the Pension Supplement, Pharmaceutical Allowance, and Energy Supplement. Commonwealth Rent Assistance will also be increased.
The indexation of social security payments will bring cost-of-living relief for 4.7 million people, the Albanese Government said yesterday.
Social Services Minister Amanda Rishworth, said the Government was supporting Australians most in need.
“Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials,” Ms Rishworth said.
“The increase is an important part of the system and helps those doing it toughest.”
The indexation of payments kicks in on March 20.
Millions of Australians to receive welfare payment boost this month (By Richard Wood, Nine.com.au)