About five million Australians on social security benefits will get a cash boost when indexation starts on Wednesday.
From March 20, people on an old-age pension, disability pension and informal caregiver benefit will receive an extra $19.60 every two weeks for singles and $29.40 for couples.
The maximum pension rate increases every fortnight to $1,116.30 for singles and $1,682.80 for couples.
Those receiving Housing Benefit, Jobseeker Allowance, Single Parenting Allowance and ABSTUDY will also see a rise in their payments.
Social Security Minister Amanda Rishworth said earlier this month that the regular indexation would complement the government’s working age stimulus and student payments announced in last year’s budget.
People with an old-age pension, a disability pension and an informal care benefit receive extra in their fortnightly payments
Social Security Minister Amanda Rishworth (pictured) said this would help reduce pressure on the cost of living
“This increase, which came into effect on September 20, 2023, also included the largest increase in maximum rates for Commonwealth Rent Assistance in 30 years,” she said.
At the end of the month, single job seekers without children and people over 22 who attend ABSTUDY will receive an additional $13.50 per fortnight.
The single parent payment will also increase by $17.50 per fortnight, bringing the total fortnightly payments to just over $1,000.
A further 77,000 parents will now receive a higher benefit rate, after entitlement was extended last year to parents with a youngest child under the age of 14.
Each member of a couple receives an additional $12.30 per fortnight. Ms Rishworth said the Government’s ‘first priority’ is tackling inflation and pressures on the cost of living.
“These challenges highlight the importance of regular indexing to ensure payment recipients have more money in their pockets for everyday expenses,” she said.
The income and asset limits for the payments increasing on March 20 will also increase as a result of the indexation of payment rates.