Commonwealth social security payments have been lifted in line with inflation as of 20 March, bolstering the budgets of some of the most vulnerable amongst us.
- Government payments subject to indexation have been bolstered today
- The Age Pension has increased by approximately $20 a fortnight for singles and $30 per fortnight for couples, to the equivalent of around $80 a day
- Payments such as JobSeeker and ABSTUDY, meanwhile, have lifted by less than the equivalent of $1 a day – far from enough to alleviate the suffering of more than one million Australians, experts say
From today, the Age Pension has risen by $19.60 a fortnight for single people and $29.40 a fortnight for couples.
The maximum amount singles on the pension can receive is now $1,116.30 a fortnight, while couples can receive up to $1,682.80 a fortnight.
Both figures include the Pension Supplement and the Energy Supplement.
Pensioners who also get Rent Assistance might see their payments rise even further, with the housing supplement now offering a maximum fortnightly rate of $188.20.
Meanwhile, single Aussies receiving JobSeeker or ABSTUDY allowances have seen their fortnightly payments rise by just $13.50 a fortnight to a maximum $771.50, including the Energy Supplement.
That comes to an extra 96 cents per day, the Australian Council of Social Services (ACOSS) points out.
“Today’s changes will still leave more than one million people relying on JobSeeker and related payments struggling to survive,” ACOSS CEO Cassandra Goldie said.
“It is completely insufficient for people who are barely surviving, forced to ration food and medicine, or suffer through sweltering heat because they cannot afford to cool their homes.”
Minister for social services Amanda Rishworth said addressing cost of living pressures is the Labor Government's number one priority.
“This regular indexation is in addition to our boost to working age and student payments announced in last year’s budget,” she said.
“This increase, which took effect on 20 September 2023, also included the largest increase to maximum rates of Commonwealth Rent Assistance in 30 years.”
ACOSS is calling for the rate of JobSeeker, Youth Allowance, and other related payments to be lifted to the new Age Pension rate of around $80 a day.
It argues doing so would allow those turning to the support payments to afford their everyday, essential costs.
Currently, a single JobSeeker recipient receives the equivalent of $55 a day.
Payment-by-payment increases: How much more will you get?
Age Pension
Singles receiving the Age Pension have benefitted from a $19.60 fortnightly increase to their payments.
The adjustment brought the maximum fortnightly pension to $1,116.30, including Pension Supplement and Energy Supplement.
Couples on the Age Pension have seen their payments increased by a combined $29.40 per fortnight.
Their maximum combined fortnightly payment is now $1,682.80, inclusive of Pension Supplement and Energy Supplement.
JobSeeker
The fortnightly JobSeeker payment has been boosted by $13.50 to a maximum $771.50, including the Energy Supplement, for single people.
Couples, meanwhile, now receive $12.30 more each fortnight, increasing their maximum fortnightly payment to $706.20 per person.
ABSTUDY
For single Aussies aged 22 years and over, the maximum rate of the ABSTUDY payment has risen by $13.50 to $771.50 a fortnight, including the Energy Supplement.
For couples aged 22 and over on ABSTUDY, each member will get from an extra $12.30 per fortnight, lifting the maximum rate to $706.20, inclusive of the Energy Supplement.
Disability Support Pension or Carer Payment
Recipients of the Disability Support Pension and Carer Payment have seen their repayments increase by a similar amount to those on the Age Pension.
Singles now receive an additional $19.60 per fortnight, while couples get $29.40 extra in total per fortnight.
The new maximum rates for singles and couples come to $1,116.30 and $1,682.80 respectively, with the inclusion of relevant supplements.
Parenting payments
Single parents on Parenting Payment Single have seen their fortnightly payment increase by $17.50.
The total fortnightly payment is now $1,006.50, inclusive of Pension Supplement, Pharmaceutical Allowance, and Energy Supplement.
Those receiving the Parenting Payment Partnered, meanwhile, now receive an extra $12.30 a fortnight, bringing their maximum regular payment to $706.20, including the Energy Supplement.
Rent Assistance for those receiving it as part of the Family Tax Benefit has also been hiked to a maximum $249.90 a fortnight.
"Age Pension, JobSeeker payments hiked: What you need to know" was originally published on Savings.com.au and was republished with permission.