Big pay rise for over 5 million Aussies: What you need to know
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As the cost of living continues to rise, many Australians feel the pinch, particularly those who rely on government assistance to make ends meet.
However, there's some good news on the horizon for over five million Aussies who will soon see a welcome increase in their wallets.
Services Australia payments are set to be indexed, and Rent Assistance payments will be increased further, providing a much-needed cash boost for many.
This indexation will be applied to a broad spectrum of payments, including the Age Pension, Disability Support Pension, Carer Payments, Commonwealth Rent Assistance, Job Seeker Payments, and Parenting Payments.
The increases, which could be up to $41.50 per fortnight, will vary depending on the payment type and are scheduled to take effect on Friday, 20 September.
For those of you who need to become more familiar with the term, indexation is a method used to adjust income payments by a percentage that reflects the movement in prices or wages.
Commonwealth Rent Assistance will see a significant 10 per cent increase in maximum rates.
At the maximum rate, this translates to an extra $23 for single recipients every fortnight.
Families with one or two children will see their Rent Assistance payment rise by $27.02 per fortnight.
JobSeeker recipients are also set to benefit.
‘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 stated.
Even those remaining on the lower rate will see an increase; single recipients without children will receive an additional $15.30, while those with a child will get a $19.80 boost.
Single-age pensioners will notice an increase of $28.10 in their fortnightly payments, and couples will receive a combined $42.40 increase.
The same rise applies to the Disability Support Pension and Carer Payment, with total payments per fortnight, including the energy supplement, reaching $1114.40 for singles and $862.60 for each couple member.
Parenting Payment recipients will also benefit from a $19.80 increase in fortnightly payments.
Social Services Minister Amanda Rishworth has stated that these indexation increases and budget measures mean that Commonwealth Rent Assistance has risen by about 45 per cent since Labor was elected.
‘This government recognises that many Australians continue to be directly affected by cost of living pressures,’ she emphasised.
‘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.’
Find out if you're eligible for these increased benefits and see the list of increasing payments.
It's essential to visit the Department of Social Services website or contact Services Australia directly.
How will the upcoming payment increases impact your budget? What adjustments might you notice in your government assistance from 20 September? Share your thoughts and opinions in the comments below.
However, there's some good news on the horizon for over five million Aussies who will soon see a welcome increase in their wallets.
Services Australia payments are set to be indexed, and Rent Assistance payments will be increased further, providing a much-needed cash boost for many.
This indexation will be applied to a broad spectrum of payments, including the Age Pension, Disability Support Pension, Carer Payments, Commonwealth Rent Assistance, Job Seeker Payments, and Parenting Payments.
The increases, which could be up to $41.50 per fortnight, will vary depending on the payment type and are scheduled to take effect on Friday, 20 September.
Over 5 million Australians get a cash boost with increased Services Australia payments. Credit: Shutterstock
For those of you who need to become more familiar with the term, indexation is a method used to adjust income payments by a percentage that reflects the movement in prices or wages.
Commonwealth Rent Assistance will see a significant 10 per cent increase in maximum rates.
At the maximum rate, this translates to an extra $23 for single recipients every fortnight.
Families with one or two children will see their Rent Assistance payment rise by $27.02 per fortnight.
JobSeeker recipients are also set to benefit.
‘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 stated.
Even those remaining on the lower rate will see an increase; single recipients without children will receive an additional $15.30, while those with a child will get a $19.80 boost.
Single-age pensioners will notice an increase of $28.10 in their fortnightly payments, and couples will receive a combined $42.40 increase.
The same rise applies to the Disability Support Pension and Carer Payment, with total payments per fortnight, including the energy supplement, reaching $1114.40 for singles and $862.60 for each couple member.
Parenting Payment recipients will also benefit from a $19.80 increase in fortnightly payments.
Social Services Minister Amanda Rishworth has stated that these indexation increases and budget measures mean that Commonwealth Rent Assistance has risen by about 45 per cent since Labor was elected.
‘This government recognises that many Australians continue to be directly affected by cost of living pressures,’ she emphasised.
‘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.’
Find out if you're eligible for these increased benefits and see the list of increasing payments.
It's essential to visit the Department of Social Services website or contact Services Australia directly.
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