Millions of Centrelink recipients will see a small increase in their payments from today. The increase is due to regular indexation, which is applied to ensure payments keep up with the rising cost of living.

Payment rates, along with thresholds and limits, will increase by 2.4 per cent today for selected payments. The latest round of indexation is expected to benefit more than 2.4 million Australians.

Families receiving the Family Tax Benefit A and B, the Multiple Birth Allowance, and the Newborn Supplement will see a boost to payments. Meanwhile, income and asset thresholds have increased for recipients of the Age Pension, Disability Support Pension and Carer Payment.

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Social Services Minister Tanya Plibersek said the government's "number one priority" was addressing cost-of-living pressures.

“From 1 July, millions of recipients of social security payments will see more money in their bank accounts," she said.

“Payments like the Family Tax Benefit help cover the costs of raising children for many Australian families, and indexation is a crucial way to help families when cost of living rises."

How much will Centrelink payments increase?

Families getting the Family Tax Benefit Part A will see their maximum fortnightly payments go up to $227.36 a fortnight, an increase of $5.32.

For those with children aged 13 or over, the rate will increase to $295.82 a fortnight, which is an increase of $7.

Families receiving the Family Tax Benefit Part B will see their maximum rate increase to $193.34, an increase of $4.48. Families with children aged over 5 will see their rate increase to $134.96.

First-time parents of a newborn child will receive an extra $48 over 13 weeks, with the Newborn Supplement increasing to $2,052.05.

The Multiple Birth Allowance will increase to $196.56 per fortnight for those giving birth to triplets, while payments for quadruplets and more will go up to $261.94 per fortnight.

Age Pension changes

This round of indexation won't impact payment rates for the Age Pension, JobSeeker, Youth Allowance, the Disability Support Pension or Carer Payment. However, there have been income and asset threshold changes.

Age Pensioners can now earn $218 a fortnight, up $6 a fortnight, and still be eligible for the full pension. The maximum amount you can earn before your pension cuts out has increased to $2,516.