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Around five million Australians receiving Centrelink payments will receive a cash boost when indexation comes into effect later this month.
People receiving old-age pension, disability support pension and carer’s payment will receive an extra $19.60 every fortnight for singles and $29.40 for couples every two weeks, starting March 20.
The maximum pension rate will increase to $1,116.30 for singles and $1,682.80 for couples per fortnight.
Around five million Australians receiving social security payments will receive a cash boost when indexation comes into effect later this month (file image)
At the end of the month, single JobSeeker recipients without children and people aged 22 and over with ABSTUDY will pocket an extra $13.50 each fortnight, bringing the amount to $771.50, including the energy supplement.
The single parent payment will also increase by $17.50 per fortnight, bringing the total fortnightly payments to just over $1,000.
Another 77,000 parents now receive a higher payment rate after eligibility was expanded last year to cover parents with a minor child under 14, instead of the previous age limit of eight.
Each member of a couple will receive an additional $12.30 per fortnight.
Commonwealth Rental Assistance, claimed by almost 1.4 million people, will increase by $3.40 to $188.20 a fortnight for individual income support recipients.
Social Security Minister Amanda Rishworth said regular indexation adds to the government’s push for working age and student payments announced in last year’s budget.
“This increase, which took effect on September 20, 2023, also included the largest increase in the Commonwealth’s Rental Assistance cap rates in 30 years,” he said.
Rishworth said the government’s “number one” priority was tackling inflation and cost of living pressures.
“These challenges highlight the importance of regular indexing to ensure payment recipients have more money in their pockets for everyday expenses,” he said.
Income and asset limits for payments set to increase on March 20 will also increase as a result of the indexation of payment rates.
The changes will cost the budget an additional $2.2 billion a year.