More than five million Australians receiving income support will see a cash boost in their accounts this week.
Indexation of pensions and payments including the Age Pension, Disability Support Pension and Carer Payments, Commonwealth Rent Assistance, JobSeeker, and Parenting Payments will put more money in people’s pockets from this Friday.
The twice-a-year indexation increase, announced earlier this month by Social Services Minister Amanda Rishworth, will see the age pension, disability support pension and carer payment increase by $28.10 a fortnight for singles, and $42.40 a fortnight for couples.
Tenants and the unemployed will also see extra money with changes to Rent Assistance and Jobseeker payments also coming into effect on Friday.
Maximum rates of Commonwealth Rent Assistance will be increased by 10 per cent.
Single people renting on their own with no children who receive the maximum rate of rent assistance will receive an extra $23 per fortnight.
For families with one or two children, the fortnightly payment will go up by $27.02 to help with rent.
Those on JobSeeker will also get a payment boost thanks to indexation for cost of living.
Indexation of pensions and payments including the Age Pension, Disability Support Pension and Carer Payments, Commonwealth Rent Assistance, JobSeeker, and Parenting Payments will put more money in people’s pockets from this Friday, September 20
‘Single JobSeeker Payment recipients with an assessed partial capacity to work of zero to 14 hours per week will move to the higher rate of JobSeeker, receiving $849.50 a fortnight,’ the Department of Social Services said in a press release.
For those recipients moving to a higher rate, the fortnightly payment will increase by $71.20.
Other JobSeeker recipients such as single people without children will get a $15.30 boost to their payments, while single recipients with a child in their care will get a $19.80 boost.
‘This government recognises that many Australians continue to be directly affected by cost of living pressures,’ said Social Services Minister Amanda Rishworth.
‘Indexation, together with our Budget measures, means maximum rates of Commonwealth Rent Assistance will have increased by around 45 per cent since the Albanese Government was elected.’
‘This indexation will deliver timely boosts to people receiving allowance payments and pensions, ensuring that these vulnerable cohorts have more money in their pockets for everyday expenses.’
Those Australians on a pension will also benefit from the increases.
Other JobSeeker recipients such as single people without children will get a $15.30 boost to their payments, while single recipients with a child in their care will get a $19.80 boost (stock image)
Single age pensioners will notice an increase of $28.10 to their fortnightly payments, while couples on a pension will receive a combined $42.40 increase.
People on the Disability Support Pension and Carer Payment receive the same increase which – with the government’s energy supplement – increases fortnightly payments to $1114.40 for singles and $862.60 for each member of a couple.
Single recipients of the Parenting Payment will see a $19.80 increase per fortnight.
According to the Australian Bureau of Statistics, all five Living Cost Indexes (LCIs) – which measure the price change of goods and services and its effect on living expenses of selected household types – rose between 1.2 per cent and 1.4 per cent in the June 2024 quarter.
Over the 12 months to the June 2024 quarter, the LCIs rose between 3.7% and 6.2%.
‘Rents and electricity prices drove the rise in Housing for most household types, said the ABS.
‘Rents continued to increase reflecting tight rental markets and low vacancy rates. Out-of-pocket costs for electricity rose with Energy Bill Relief Fund rebates gradually being used up by eligible households.’
