Almost 5 million Australians will benefit from a boost to their social security payments from 20 March to help them keep up with the changes in the cost of living.
Age Pension, Disability Support Pension and Carer Payment rates will increase by $20.10 a fortnight for singles to $987.60 and by $30.20 a fortnight for couples combined to $1,488.80.
In addition, asset test limits have been increased which will allow more senior Australians to access a part pension. For example, the asset limit for a single homeowner has been boosted by $6,750 to $599,750 and for a homeowner couple by $10,000 to $901,500.
Since March 2013, the rate for single pensioners has increased by $179.20 a fortnight, while the rate for pensioner couples combined has increased by $270 a fortnight.
More than 5 million pensioners and other payment recipients also received an additional $2000 in Economic Support Payments throughout the pandemic.
The basic rate of Jobseeker Payment will increase by $13.20 to $629.50 for singles without children while Parenting Payment Single will increase by $18.10 to $874.10 including Pension Supplement and Energy Supplement.
Since March 2013, the basic rate of Jobseeker Payment (formerly Newstart) for a single person without children has increased by $145.70 a fortnight including the $50 per fortnight increase delivered by the Morrison Government in April 2021.
Minister for Families and Social Services Anne Ruston said indexation was an integral part of our social security safety net and ensured pensioners and jobseekers maintained their purchasing power within the economy.
“Pensioners will see a 2.1 per cent increase to their payments – the largest increase since 2013,” Minister Ruston said.
“This is putting money in the pockets of all Australians who rely on our social security system and, in particular, older Australians.”
The fortnightly maximum rate of Rent Assistance will also increase to $145.80 for single recipients with no children, $171.50 for families with up to two children and $193.62 for families with three or more children.
Full details of new rates and thresholds are available at www.dss.gov.au/about-the-department/benefits-payments/previous-indexation-rates