More than 5.5 million Australians will see their Centrelink payments and pensions increase starting from tomorrow. This boost is a result of the government’s regular indexation to ensure the welfare system keeps up with the rising cost of living.
One significant change is the increase in Age Pension payments. Singles will receive an additional $32.70 per fortnight, bringing their total payment to $1,096.70. For couples, the pension rate will increase by $49.40 per fortnight, reaching $1,653.40.
JobSeeker payments will also see a boost. Singles will receive an increase of $56.10 per fortnight, making their base payment $749.20. Couples will see an increase of $54.80 per fortnight, raising their payment to $686.
These incrementations are in addition to the twice-yearly indexation and the $40-per-fortnight increase for working-age and student payments announced in the budget.
Furthermore, the base rate for older Australians receiving JobSeeker will rise to $802.50 per fortnight. Additionally, the age threshold to receive the higher rate will be lowered from 60 to 55 for those who have been receiving the payment continuously for nine months.
Other welfare payments such as Parenting Payment Single, Parenting Payment Partnered, Disability Support Pension, Carer Payment, Single Veterans on Service Pension, and Disability Compensation Payment (Special Rate) will also experience increases. Youth Allowance, Austudy, ABSTUDY Living Allowance, and Special Benefit payments will receive the $40-per-fortnight increase.
Commonwealth Rent Assistance will have a 15% increase, along with regular indexation. This means that singles will receive an additional $27.60 per fortnight, while families with one or two children will see an increase of $32.34 per fortnight.
Overall, these increments aim to support Australians who rely on Centrelink payments and pensions. The government is committed to ensuring that the welfare system provides adequate financial assistance to help individuals and families meet their basic needs.
Source: Yahoo Finance