Millions of Australians receiving Centrelink payments will get a slight bump after the latest round of social security indexation kicks in this month. Source: news.com.au.
Social security payments are indexed twice a year – once in March and once in September.
The latest indexation, which will hit bank accounts on March 20, will be the last before voters head to the polls for an election dominated by cost of living pressure.
Social Services Minister Amanda Rishworth said on Sunday the Albanese government has “spent the past three years strengthening our social security system, so that it helps Australians at whatever age or stage they’re at in life”.
“Indexation is a critical part of our social security safety net,” she said in a statement.
“For pensioners and other payment recipients receiving this financial boost, this will help ease some pressure.”
Pensioners will receive the biggest increase to their payments, with those on the maximum single rate Aged Pension getting an extra $4.60 a fortnight and couples getting an extra $7.
That will bring fortnightly payments for the 2.64 million recipients to $1149 and $866.10 (each) respectively.
JobSeeker is the second-largest payment behind the Aged Pension, with 850,000 Australians depending on the allowance as they search for work.
Single recipients will get a $3.10 boost, while couples will get a $2.80 increase.
Annually, that works out at $72.80 and $80.60 respectively — less than half the national average weekly grocery bill, according to market researchers.
FULL STORY
Social security bump as latest indexing kicks in (By Joseph Olbrycht-Palmer, news.com.au)
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