Social security payments for almost 2.4 million Australian households and pensioners will soon receive a boost.
Quarterly indexation changes to income thresholds will take effect from July 1, to ensure government support keeps pace with inflation.
Extensions to the current income and asset limits mean payments will increase for five schemes, including Family Tax Benefit (Parts A and B), Multiple Birth Allowance, Newborn Supplement, Stillborn Payment and payment for essential medical equipment.
For families with children under age 13 who receive the Part A family tax benefit, the maximum biweekly payments will increase to $222.04, or an increase of $8.68.
The quarterly indexation changes to income thresholds will increase social security payments for almost 2.4 million Australian households and pensioners.
Households with children 13 and older could receive a maximum biweekly payment of $288.82, an increase of $11.34.
Households with children 13 and older could receive a maximum biweekly payment of $288.82, an increase of $11.34.
The supplement for the Part A Family Tax Benefit will also increase from $36.50 to $916.15, and from $18.25 to $448.95 for households with the Part B Family Tax Benefit payment.
The indexation changes will also increase income thresholds for people receiving parental leave allowance.
Income eligibility requirements will also be extended for people receiving the Single Parenting Payment, the Age Pension, the Disability Support Pension and the Carer’s Payment.
Asset limits will also be increased for people receiving Job Seeker Payment, Special Benefit, ABSTUDY, Austudy, Youth Allowance and Parenting Payment.
The 2024-25 budget also announced that consideration rates, which calculate returns on investments and determine whether someone can access payments, will remain at 2022 levels for another year.
Budget documents said 876,000 income support recipients, including 450,000 pensioners, would benefit from the decision.
Social Services Minister Amanda Rishworth said changes to indexation would provide “timely boosts” to people receiving payments and pensions.
“These increases will be a direct boost to families’ biweekly payments,” he stated.
Quarterly indexation changes are calculated using changes in the Consumer Price Index.
The latest figures showed inflation had risen 3.6 per cent in the 12 months to the March 2024 quarter, with the biggest increases in tertiary and secondary education (6.5 per cent and 6.1 per cent respectively), medical and hospital services (2.3 percent). ) and rents (2.1 percent).
