More than 4.7 million Aussies will receive a major boost to their welfare payments on March 20, 2023.
The increase is part of a twice-yearly indexation of welfare payments to ensure they keep pace with the rising cost of living.
Aussies receiving 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 (or $28.20 each).
Also read: Major Centrelink change coming on Monday
The maximum fortnightly pension rate will increase to $1,064 for singles and $1,604 for couples, including the Pension Supplement and Energy Supplement.
Aussies receiving JobSeeker and ABSTUDY payments will also get a boost. Singles aged over 22 with no children will get an increase of $24.70 a fortnight. Couples will receive an increase of $22.50 each a fortnight.
The rate will increase to $701.90 per fortnight for singles and $639.10 for couples, including the Energy Supplement.
Minister for Social Services Amanda Rishworth said the government knew Aussies were feeling the pinch.
“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,” Rishworth said.
“The increase is an important part of the system and helps those doing it toughest.”
Single parents receiving the Parenting Payment will also receive an extra $33.90 a fortnight, with the rate increasing to $967.90 including the Pension Supplement, Pharmaceutical Allowance and Energy Supplement.
Commonwealth Rent Assistance for singles will increase $5.60 to $157.20 per fortnight. Maximum rates for recipients with one or two children will rise $6.58 to $184.94 per fortnight. Rates for recipients with three or more children will increase $7.42 to $208.74 per fortnight.
Welfare payments are indexed twice a year to ensure they keep up with the rising cost of living. They will next be indexed on September 20, 2023.
Centrelink recipients don’t need to do anything to receive the increased payments.