The government will announce the biggest increase in indexation payments for youth in more than two decades on Monday.  In the photo, Prime Minister Anthony Albanese

Huge Centrelink cash boost for almost a million Australians in a few days – here’s what you’ll get

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Almost a million Australians will receive an increase in their welfare payments next year.

The government will announce the biggest increase in indexation payments for youth in more than two decades on Monday.

As of January 1st, the basic rate of the Youth Pass for singles will increase by at least $19.10 per fortnight, with the maximum amount being an extra $32.40 per fortnight.

This means that, for singles, the maximum rate will increase to $569.80 per fortnight.

Those with dependent children can expect an increase from $41.40 to $729.60 per fortnight for singles and an increase of $35.20 for associate beneficiaries.

The Government Will Announce The Biggest Increase In Indexation Payments For Youth In More Than Two Decades On Monday.  In The Photo, Prime Minister Anthony Albanese

The government will announce the biggest increase in indexation payments for youth in more than two decades on Monday. In the photo, Prime Minister Anthony Albanese

Study recipients will see their fee increase to between $32.40 and $41.40 per fortnight, depending on living arrangements and dependent children.

The increase is part of the routine indexing that occurs each January to keep up with changes in inflation, not the result of any government decision.

The Reserve Bank of Australia has forecast that inflation will peak at 8 percent by the end of 2022.

Youth and student payments will be indexed at 6.1 percent.

Social Services Minister Amanda Rishworth said the increase would help ease the strain of the cost-of-living crisis.

“With the cost of living rising, we need to ensure that students and youth can cover basic costs while focusing on their studies and career aspirations,” said Ms. Rishworth.

Children under 21 without children receiving the Disability Support Pension will receive pay increases of between $27.40 and $40.70 per fortnight, including the Youth Disability Supplement.

The rates of ABSESTUDY and Assistance for Children in Isolation will be increased, as well as the Mobility Subsidy, the Double Pension for Orphans, the Subsidy for Caregivers and the Pharmaceutical Subsidy.

Other rates and payment thresholds, such as Jobseeker and Aged Pension, are indexed at other times of the year.

Study Recipients Will See Their Fee Increase To Between $32.40 And $41.40 Per Fortnight, Depending On Living Arrangements And Dependent Children.

Study Recipients Will See Their Fee Increase To Between $32.40 And $41.40 Per Fortnight, Depending On Living Arrangements And Dependent Children.

Study recipients will see their fee increase to between $32.40 and $41.40 per fortnight, depending on living arrangements and dependent children.