Largest pension increase in more than 12 years announced as the cost of living soars
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These days, it seems like every report is about the increasing prices of goods and services. This can make us feel hopeless, wondering if there is any relief in sight.
But don't fret! We previously reported about the payment boost for thousands of Australians residing in South Australia.
Now, here is some more good news for everyone!
According to fresh reports, welfare payments are expected to receive the highest indexation hike in up to 30 years. That's right, those of us who are struggling to make ends meet may finally be seeing some relief.
The adjustment will include the increase as part of a regular recalibration to reflect changes in the Consumer Price Index. and it's about time.
Treasurer Jim Chalmers said it's high time for the payments to keep up with the skyrocketing prices, and we couldn't agree more.
He said: 'That's why they're indexed twice a year, and every little bit helps.'
'This indexation will be particularly big this month because inflation is particularly challenging.'
Centrelink recipients will receive a boost in their payments as the government vows to adjust the allowances with the skyrocketing costs of living. Credit: ABC News.
It was reported that the Age and Disability Support Pensions, and the Carer Payment will increase by $38.90 for individuals and $58.80 for couples per fortnight.
Additionally, there will be increases to the JobSeeker Payment, Parenting Payment, ABSTUDY, and Rent Assistance, with single parents receiving an additional $35.20 each fortnight, bringing their Parenting Payment to $927.40, including the Energy Supplement.
Mr Chalmers added: 'And we know that it won't solve every problem for everybody, but it's important that we try and make sure that those payments keep up.'
'That's what the indexation is about. It will be welcome even as we acknowledge that times will still be tough for a lot of people.'
Couples receiving Jobseeker or Parenting Payments will see a fortnightly rate increase of $23.40 to $616.60, which includes the Energy Supplement.
The government also noted that the increase in payments due to indexation is the biggest in more than 30 years for allowances and in 12 years for pensions.
The maximum pension rate will rise to $1,026.50 per fortnight for singles and to $773.80 per person or $1,547.60 per couple for pensioner couples.
While this news is certainly welcome, it's important to remember that it's just a drop in the bucket.
Acting chief executive for the Australian Council of Social Service (ACOSS), Edwina MacDonald, said the aid was not enough.
'It's really just a drop in the ocean at this point and as the non-discretionary inflation is higher than the CPI, they are still going backwards in terms of what they can afford to buy at the moment,' she said.
A minimum 35% increase in social security benefits has been demanded by the group, claiming that if it was to be approved the daily amount paid to jobseekers would increase to $70, which is more in line with what is required to lift individuals out of poverty.
Economists predict that the cost of living will rise even further when the temporary reduction in the fuel excise tax expires later this month.
Treasurer Jim Chalmers has ruled out an extension, explaining: 'It would be too expensive to continue that petrol price relief indefinitely.'
'I think Australians understand that we've inherited a budget which is heaving with a trillion dollars in Liberal Party debt and that means some difficult decisions including this one.'
Some good news, some bad news. But at least we're seeing some progress when it comes to helping those who are struggling to make ends meet. Here’s to more pension increases in the future!
So, there you have it, folks! Do you think the government should do more about the increasing prices of essentials aside from providing additional relief?
But don't fret! We previously reported about the payment boost for thousands of Australians residing in South Australia.
Now, here is some more good news for everyone!
According to fresh reports, welfare payments are expected to receive the highest indexation hike in up to 30 years. That's right, those of us who are struggling to make ends meet may finally be seeing some relief.
The adjustment will include the increase as part of a regular recalibration to reflect changes in the Consumer Price Index. and it's about time.
Treasurer Jim Chalmers said it's high time for the payments to keep up with the skyrocketing prices, and we couldn't agree more.
He said: 'That's why they're indexed twice a year, and every little bit helps.'
'This indexation will be particularly big this month because inflation is particularly challenging.'
Centrelink recipients will receive a boost in their payments as the government vows to adjust the allowances with the skyrocketing costs of living. Credit: ABC News.
It was reported that the Age and Disability Support Pensions, and the Carer Payment will increase by $38.90 for individuals and $58.80 for couples per fortnight.
Additionally, there will be increases to the JobSeeker Payment, Parenting Payment, ABSTUDY, and Rent Assistance, with single parents receiving an additional $35.20 each fortnight, bringing their Parenting Payment to $927.40, including the Energy Supplement.
Mr Chalmers added: 'And we know that it won't solve every problem for everybody, but it's important that we try and make sure that those payments keep up.'
'That's what the indexation is about. It will be welcome even as we acknowledge that times will still be tough for a lot of people.'
Couples receiving Jobseeker or Parenting Payments will see a fortnightly rate increase of $23.40 to $616.60, which includes the Energy Supplement.
The government also noted that the increase in payments due to indexation is the biggest in more than 30 years for allowances and in 12 years for pensions.
The maximum pension rate will rise to $1,026.50 per fortnight for singles and to $773.80 per person or $1,547.60 per couple for pensioner couples.
While this news is certainly welcome, it's important to remember that it's just a drop in the bucket.
Acting chief executive for the Australian Council of Social Service (ACOSS), Edwina MacDonald, said the aid was not enough.
'It's really just a drop in the ocean at this point and as the non-discretionary inflation is higher than the CPI, they are still going backwards in terms of what they can afford to buy at the moment,' she said.
A minimum 35% increase in social security benefits has been demanded by the group, claiming that if it was to be approved the daily amount paid to jobseekers would increase to $70, which is more in line with what is required to lift individuals out of poverty.
Economists predict that the cost of living will rise even further when the temporary reduction in the fuel excise tax expires later this month.
Treasurer Jim Chalmers has ruled out an extension, explaining: 'It would be too expensive to continue that petrol price relief indefinitely.'
'I think Australians understand that we've inherited a budget which is heaving with a trillion dollars in Liberal Party debt and that means some difficult decisions including this one.'
Some good news, some bad news. But at least we're seeing some progress when it comes to helping those who are struggling to make ends meet. Here’s to more pension increases in the future!
So, there you have it, folks! Do you think the government should do more about the increasing prices of essentials aside from providing additional relief?
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