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2 million Aussies get cash boost

·Personal Finance Editor
·2-min read
A person holding Australian cash to represent the bonuses the hospitality industry is offering.
Aussies on the age pension will get a cash boost from today. (Source: Getty)

Aussies on the age pension will notice a cash boost from today as welfare indexation changes kick in.

The amount is adjusted every March and September to ensure payments are in line with inflation.

Minister for Social Services Amanda Rishworth said the September change was the largest indexation increase to payments in 12 years for pensions.

“We want to ensure Australia has a strong social security safety net to protect our most disadvantaged,” Rishworth said.

“Our guiding principles as a government are ensuring no one is left behind and no one is held back, and this indexation increase will help those on government payments keep up with the cost of living.”

How much are payments rising?

Age Pension, Disability Support Pension and Carer Payment are all set to rise by $38.90 a fortnight for singles and $58.80 a fortnight for couples.

The maximum rate of pension will increase to $1,026.50 a fortnight for singles and $773.80 for each member of a pensioner couple or $1,547.60 per couple (including Pension Supplement and Energy Supplement).

Jobseekers see pay rise too

JobSeeker Payment, Parenting Payment, ABSTUDY and Rent Assistance will also increase.

The rate of JobSeeker Payment for singles without children will increase by $25.70 a fortnight to $677.20 including Energy Supplement, while Parenting Payment Single will increase by $35.20 per fortnight to $927.40, including Pension Supplement and Energy Supplement.

The rate for partnered JobSeeker Payment and Parenting Payment recipients will increase by $23.40 a fortnight to $616.60, including Energy Supplement.

The pension raise was driven by increases in the inflation rate, which exceeded the increase in the Pensioner and Beneficiary Living Cost Index.

Some income and asset limits will also change as a result of the payment rate indexation, to ensure people are not disadvantaged.

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