Friday , July 12 2024

Why millions of Aussies will receive a cash boost from THIS week – here’s what you need to know

About five million Australians on social security payments will receive a cash boost when indexation kicks in on Wednesday.

People on the age pension, disability support pension and carer payment will receive an extra $19.60 a fortnight for singles and $29.40 for couples every two weeks, starting on March 20.

The maximum rate of pension will rise to $1,116.30 for singles and $1,682.80 for couples a fortnight.

Those receiving rent assistance, JobSeeker, single parenting payments and ABSTUDY will also see an increase in their payments.

Social Security Minister Amanda Rishworth said earlier this month the regular indexation is in addition to the government’s boost to working age and student payments announced in last year’s budget.

People on the age pension, disability support pension and carer payment will receive extra in their fortnightly payments

People on the age pension, disability support pension and carer payment will receive extra in their fortnightly payments

Social Security Minister Amanda Rishworth (pictured) said would help with cost of living pressures

Social Security Minister Amanda Rishworth (pictured) said would help with cost of living pressures

‘This increase, which took effect on 20 September 2023 also included the largest increase to maximum rates of Commonwealth Rent Assistance in 30 years,’ she said.

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At the end of the month, single JobSeeker recipients with no kids, and people aged over 22 on ABSTUDY, will pocket an extra $13.50 per fortnight.

The single parenting payment will also go up by $17.50 a fortnight, bringing total fortnightly payments to just over $1,000.

An extra 77,000 parents are now on a higher rate of payment after eligibility was expanded last year to cover parents with a youngest child under 14.

Each member of a couple will get an additional $12.30 per fortnight. Ms Rishworth said the government’s ‘number one’ priority was addressing inflation and cost-of-living pressures

‘These challenges highlight the importance of regular indexation to ensure that payment recipients have more money in their pockets for everyday expenses,’ she said.

The income and assets limits for the payments being increased on March 20 will also increase as a result of payment rates indexation.

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