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About five million Australians on social security payments will receive a cash boost when indexation kicks in on Wednesday.
People on the Old Age Pension, Disability Pension and Carer’s Allowance will receive an extra $19.60 fortnightly for singles and $29.40 for couples fortnightly, starting March 20.
The maximum pension rate will rise to $1,116.30 for singles and $1,682.80 for couples fortnightly.
Those receiving Rent Assistance, JobSeeker, Lone Parent Payments and ABSTUDY will also see an increase in their payments.
Social Security Minister Amanda Rishworth said earlier this month that the regular indexation complements the government’s boost to the working age and student payments announced in last year’s Budget.
People on old-age pension, disability pension and carer’s allowance get extra in their every 1st day
Social Security Minister Amanda Rishworth (pictured) said it would help with cost of living pressures
“This increase, which came into effect on 20 September 2023, also included the biggest increase to the maximum rates of Commonwealth rental assistance for 30 years,” she said.
At the end of the month, single JobSeeker recipients without children, and people over the age of 22 on ABSTUDY, will fork out an extra $13.50 per fourteen days.
The lone parent payment will also increase by $17.50 fortnightly, bringing the total fortnightly payments to just over $1,000.
A further 77,000 parents will now receive a higher payment after eligibility was extended last year to cover parents with a youngest child under 14.
Each member of a couple will receive an additional $12.30 per fourteen days. Ms Rishworth said the government’s “number one” priority was tackling inflation and the cost of living.
“These challenges highlight the importance of regular indexation to ensure that payees have more money in their pockets for everyday expenses,” she said.
The income and asset limits for the payments that are increased on March 20 also increase as a result of the indexation of the payment rates.