More than 5 million Australians will benefit from a boost to their social security payments from 20 September to help them keep up with the changes in the cost of living.
The Age Pension, Carer Payment and Disability Support Pension will increase by $14.80 a fortnight for singles to $967.50 and $22.40 a fortnight for couples combined to $1,458.60.
The basic rate of JobSeeker Payment including Energy Supplement will increase by $8.70 to $638.30 for singles without children while Parenting Payment Single will increase by $11.90 to $874.10 a fortnight including Pension Supplement and Energy Supplement.
Minister for Families and Social Services Anne Ruston said indexation ensures pensioners and other income support recipients maintain their purchasing power.
“This is putting money in the pockets of all Australians who rely on our social security system and, in particular, older Australians,” Minister Ruston said.
“It builds on the $2000 in economic support payments that the Morrison Government provided to pensioners during the pandemic and the $50 per fortnight permanent increase to the rate of JobSeeker and related payments.”
The fortnightly maximum rate of Rent Assistance will also increase to $142.80 for single recipients with no children, $168.00 for families up to two children and $189.70 for families with three or more children.
Payment rates for adult pensions and allowances are adjusted twice a year in March and September. Full details of new rates and thresholds are available at www.dss.gov.au/about-the-department/benefits-payments/previous-indexation-rates