As the cost of living continues to rise, many people are feeling the pinch. However, those living on fixed incomes, such as pensioners, are often hit the hardest.

With limited funds available, many struggle to make ends meet and afford necessities like food, housing, and healthcare.

For these individuals, any increase in their pension payments can be a welcome relief, providing them with some much-needed financial support.

If you’re one of those people who are looking forward to payment boosts, then we’ve got news for you!

More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20, to keep up with the increasing cost of living.

A significant increase in the pension and allowance payments for more than 4.7 million Australians is expected to come into effect this month. Credit: Shutterstock.

Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight and couples will now enjoy an extra $56.40 per fortnight. This boost brings their payments to $1,064 and $1,604 respectively.

Non-pensioners who rely on Centrelink payments will also get some relief. Here’s a breakdown:

• JobSeeker and ABSTUDY payments will increase by $24.70 bringing the fortnight payment to $701.90 for single recipients aged over 22 with no children.
• Parenting Payments will rise by $33.90 to $967.90 a fortnight for single parents.
• Commonwealth Rent Assistance will increase by $5.60 for singles, $6.58 for recipients with two children, and another $7.42 for families with three or more kids.

Credit: Seniors Discount Club.

The increase comes as part of the twice-yearly indexation, ensuring that pensions and allowance payments remain aligned with inflation

Surprisingly, the increase in pension payments has outpaced that of wages, with pensions rising at twice the rate of wages in recent months.

In September, pensions saw a significant increase of 4%, followed by another substantial hike of 3.7% in March.

In contrast, Australian wages rose by 3.3 per cent last year, which was the quickest pace in ten years. However, this increase was far below the inflation rate, which stood at 7.8 per cent - the highest since 1990.

Social Services Minister Amanda Rishworth said the good news will be a real ‘lift’ for those relying on welfare payments, who have felt the pinch of increasing prices on commodities.

She remarked: ‘Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials.’

'Australia's social security system exists to support our most vulnerable citizens, and we know they are feeling the pinch.'

As exciting as this news is, we must accept that it’s not truly ‘rainbows and unicorns’. We still have to brace ourselves with the likelihood of double-digit mortgage hikes, with the RBA tipping a 10th consecutive rate rise on Tuesday.

The cash rate is expected to increase to 3.6 per cent from 3.35 per cent after the RBA’s comments last month suggested it was growing impatient with high inflation.

This increase represents a 63.8 per cent rise in repayments. At that time, the major banks were providing an average fixed rate of 1.92 per cent.

It should be noted that Australia’s biggest lender, Commonwealth Bank, is currently offering a one-year fixed rate of 5.99%.

Meanwhile, NAB has raised its variable rate for borrowers with a mortgage of less than 20% deposit by 0.2 percentage points to 6.44%.

Key Takeaways

• More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20.
• Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight, couples will enjoy an extra $56.40 and other welfare recipients will receive increases.
• The increase comes as part of twice-yearly indexation, to ensure that pensions and allowance payments remain aligned with inflation.
• The RBA is tipping a 10th consecutive rate rise. Major banks are offering fixed rates of up to 5.99%.

So, there you have it, folks! While many pensioners welcome this boost, we must be realistic and recognise that it's not a quick fix. As pensions grow, so does inflation and the cost of living.

This creates a vicious cycle where pensioners are forced to tighten their budgets even further just to keep up or find themselves falling behind.

What are your thoughts on these changes? Do you think the payment boosts offer enough relief for those who live on fixed incomes? Share your thoughts with us in the comments below.

 

[Franko]

As the cost of living continues to rise, many people are feeling the pinch. However, those living on fixed incomes, such as pensioners, are often hit the hardest.

With limited funds available, many struggle to make ends meet and afford necessities like food, housing, and healthcare.

For these individuals, any increase in their pension payments can be a welcome relief, providing them with some much-needed financial support.

If you’re one of those people who are looking forward to payment boosts, then we’ve got news for you!

More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20, to keep up with the increasing cost of living.

View attachment 15005

A significant increase in the pension and allowance payments for more than 4.7 million Australians is expected to come into effect this month. Credit: Shutterstock.

Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight and couples will now enjoy an extra $56.40 per fortnight. This boost brings their payments to $1,064 and $1,604 respectively.

Non-pensioners who rely on Centrelink payments will also get some relief. Here’s a breakdown:

• JobSeeker and ABSTUDY payments will increase by $24.70 bringing the fortnight payment to $701.90 for single recipients aged over 22 with no children.
• Parenting Payments will rise by $33.90 to $967.90 a fortnight for single parents.
• Commonwealth Rent Assistance will increase by $5.60 for singles, $6.58 for recipients with two children, and another $7.42 for families with three or more kids.

View attachment 15021

Credit: Seniors Discount Club.

The increase comes as part of the twice-yearly indexation, ensuring that pensions and allowance payments remain aligned with inflation

Surprisingly, the increase in pension payments has outpaced that of wages, with pensions rising at twice the rate of wages in recent months.

In September, pensions saw a significant increase of 4%, followed by another substantial hike of 3.7% in March.

In contrast, Australian wages rose by 3.3 per cent last year, which was the quickest pace in ten years. However, this increase was far below the inflation rate, which stood at 7.8 per cent - the highest since 1990.

Social Services Minister Amanda Rishworth said the good news will be a real ‘lift’ for those relying on welfare payments, who have felt the pinch of increasing prices on commodities.

She remarked: ‘Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials.’

'Australia's social security system exists to support our most vulnerable citizens, and we know they are feeling the pinch.'

As exciting as this news is, we must accept that it’s not truly ‘rainbows and unicorns’. We still have to brace ourselves with the likelihood of double-digit mortgage hikes, with the RBA tipping a 10th consecutive rate rise on Tuesday.

The cash rate is expected to increase to 3.6 per cent from 3.35 per cent after the RBA’s comments last month suggested it was growing impatient with high inflation.

This increase represents a 63.8 per cent rise in repayments. At that time, the major banks were providing an average fixed rate of 1.92 per cent.

It should be noted that Australia’s biggest lender, Commonwealth Bank, is currently offering a one-year fixed rate of 5.99%.

Meanwhile, NAB has raised its variable rate for borrowers with a mortgage of less than 20% deposit by 0.2 percentage points to 6.44%.

Key Takeaways

• More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20.
• Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight, couples will enjoy an extra $56.40 and other welfare recipients will receive increases.
• The increase comes as part of twice-yearly indexation, to ensure that pensions and allowance payments remain aligned with inflation.
• The RBA is tipping a 10th consecutive rate rise. Major banks are offering fixed rates of up to 5.99%.

So, there you have it, folks! While many pensioners welcome this boost, we must be realistic and recognise that it's not a quick fix. As pensions grow, so does inflation and the cost of living.

This creates a vicious cycle where pensioners are forced to tighten their budgets even further just to keep up or find themselves falling behind.

What are your thoughts on these changes? Do you think the payment boosts offer enough relief for those who live on fixed incomes? Share your thoughts with us in the comments below.

A whole $37 a fortnight between my wife and I. Gosh, we’d better not spend it all at once!

 

[Rotten Ronnie]

Thank$
Sadly pensioners in Housing SA homes lose 25% of every cost of living or other payments that aren't one off payments A single gets $9.375 less to pay for other items . $28.125 per fortnight.

 

[Janeldennis]

S

Thank$
Sadly pensioners in Housing SA homes lose 25% of every cost of living or other payments that aren't one off payments A single gets $9.375 less to pay for other items . $28.125 per fortnigh

 

[Ricci]

Whilst I don't want to come over as a grouch and I really do appreciate any extra in my payments just how far do they think an extra $18.75 a week will go? Do they live in the real world? Have they seen how much the grocery bill has gone up, not to mention power bills, insurance and fuel? How people on unemployment manage is beyond me.

 

[Januvia1952]

Pension increase never makes sense ? I should get half the married couples pension but it’s $20.14 not $28.20 Which is half the married couples pension. How do they expect a married couple to live? I checked my Centre Link account for those figures???

 

[Janeldennis]

Sorry for you Rotten Ronnie, at least you have a secure roof over your heads. Some of us are trying to pay mortgages . Be grateful , there is always someone worse off.

 

[Marj53]

I am appreciative of any extra I get. I am also so glad I own my little unit. I don't know how people manage that rent.

 

[siameezer]

Pension increase never makes sense ? I should get half the married couples pension but it’s $20.14 not $28.20 Which is half the married couples pension. How do they expect a married couple to live? I checked my Centre Link account for those figures???

You are not going to get the full increase until there has been a clear 14 days since 20 March ... the increase you are seeing in your Centrelink account is pro-rata for the period from 20 March until 2 days before your payment date (which is the cut-off for your pension).

 

[siameezer]

I am appreciative of any extra I get. I am also so glad I own my little unit. I don't know how people manage that rent.

It is difficult ... I am in a private rental and it is very scary the way rents are skyrocketing.

 

[Almaobed]

As the cost of living continues to rise, many people are feeling the pinch. However, those living on fixed incomes, such as pensioners, are often hit the hardest.

With limited funds available, many struggle to make ends meet and afford necessities like food, housing, and healthcare.

For these individuals, any increase in their pension payments can be a welcome relief, providing them with some much-needed financial support.

If you’re one of those people who are looking forward to payment boosts, then we’ve got news for you!

More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20, to keep up with the increasing cost of living.

View attachment 15005

A significant increase in the pension and allowance payments for more than 4.7 million Australians is expected to come into effect this month. Credit: Shutterstock.

Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight and couples will now enjoy an extra $56.40 per fortnight. This boost brings their payments to $1,064 and $1,604 respectively.

Non-pensioners who rely on Centrelink payments will also get some relief. Here’s a breakdown:

• JobSeeker and ABSTUDY payments will increase by $24.70 bringing the fortnight payment to $701.90 for single recipients aged over 22 with no children.
• Parenting Payments will rise by $33.90 to $967.90 a fortnight for single parents.
• Commonwealth Rent Assistance will increase by $5.60 for singles, $6.58 for recipients with two children, and another $7.42 for families with three or more kids.

View attachment 15021

Credit: Seniors Discount Club.

The increase comes as part of the twice-yearly indexation, ensuring that pensions and allowance payments remain aligned with inflation

Surprisingly, the increase in pension payments has outpaced that of wages, with pensions rising at twice the rate of wages in recent months.

In September, pensions saw a significant increase of 4%, followed by another substantial hike of 3.7% in March.

In contrast, Australian wages rose by 3.3 per cent last year, which was the quickest pace in ten years. However, this increase was far below the inflation rate, which stood at 7.8 per cent - the highest since 1990.

Social Services Minister Amanda Rishworth said the good news will be a real ‘lift’ for those relying on welfare payments, who have felt the pinch of increasing prices on commodities.

She remarked: ‘Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials.’

'Australia's social security system exists to support our most vulnerable citizens, and we know they are feeling the pinch.'

As exciting as this news is, we must accept that it’s not truly ‘rainbows and unicorns’. We still have to brace ourselves with the likelihood of double-digit mortgage hikes, with the RBA tipping a 10th consecutive rate rise on Tuesday.

The cash rate is expected to increase to 3.6 per cent from 3.35 per cent after the RBA’s comments last month suggested it was growing impatient with high inflation.

This increase represents a 63.8 per cent rise in repayments. At that time, the major banks were providing an average fixed rate of 1.92 per cent.

It should be noted that Australia’s biggest lender, Commonwealth Bank, is currently offering a one-year fixed rate of 5.99%.

Meanwhile, NAB has raised its variable rate for borrowers with a mortgage of less than 20% deposit by 0.2 percentage points to 6.44%.

Key Takeaways

• More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20.
• Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight, couples will enjoy an extra $56.40 and other welfare recipients will receive increases.
• The increase comes as part of twice-yearly indexation, to ensure that pensions and allowance payments remain aligned with inflation.
• The RBA is tipping a 10th consecutive rate rise. Major banks are offering fixed rates of up to 5.99%.

So, there you have it, folks! While many pensioners welcome this boost, we must be realistic and recognise that it's not a quick fix. As pensions grow, so does inflation and the cost of living.

This creates a vicious cycle where pensioners are forced to tighten their budgets even further just to keep up or find themselves falling behind.

What are your thoughts on these changes? Do you think the payment boosts offer enough relief for those who live on fixed incomes? Share your thoughts with us in the comments below.

There is never enough for some people. No matter the amount provided! Lets all be thankful the welfare of the little people are prioritised by this government

 

[Rob44]

As the cost of living continues to rise, many people are feeling the pinch. However, those living on fixed incomes, such as pensioners, are often hit the hardest.

With limited funds available, many struggle to make ends meet and afford necessities like food, housing, and healthcare.

For these individuals, any increase in their pension payments can be a welcome relief, providing them with some much-needed financial support.

If you’re one of those people who are looking forward to payment boosts, then we’ve got news for you!

More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20, to keep up with the increasing cost of living.

View attachment 15005

A significant increase in the pension and allowance payments for more than 4.7 million Australians is expected to come into effect this month. Credit: Shutterstock.

Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight and couples will now enjoy an extra $56.40 per fortnight. This boost brings their payments to $1,064 and $1,604 respectively.

Non-pensioners who rely on Centrelink payments will also get some relief. Here’s a breakdown:

• JobSeeker and ABSTUDY payments will increase by $24.70 bringing the fortnight payment to $701.90 for single recipients aged over 22 with no children.
• Parenting Payments will rise by $33.90 to $967.90 a fortnight for single parents.
• Commonwealth Rent Assistance will increase by $5.60 for singles, $6.58 for recipients with two children, and another $7.42 for families with three or more kids.

View attachment 15021

Credit: Seniors Discount Club.

The increase comes as part of the twice-yearly indexation, ensuring that pensions and allowance payments remain aligned with inflation

Surprisingly, the increase in pension payments has outpaced that of wages, with pensions rising at twice the rate of wages in recent months.

In September, pensions saw a significant increase of 4%, followed by another substantial hike of 3.7% in March.

In contrast, Australian wages rose by 3.3 per cent last year, which was the quickest pace in ten years. However, this increase was far below the inflation rate, which stood at 7.8 per cent - the highest since 1990.

Social Services Minister Amanda Rishworth said the good news will be a real ‘lift’ for those relying on welfare payments, who have felt the pinch of increasing prices on commodities.

She remarked: ‘Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials.’

'Australia's social security system exists to support our most vulnerable citizens, and we know they are feeling the pinch.'

As exciting as this news is, we must accept that it’s not truly ‘rainbows and unicorns’. We still have to brace ourselves with the likelihood of double-digit mortgage hikes, with the RBA tipping a 10th consecutive rate rise on Tuesday.

The cash rate is expected to increase to 3.6 per cent from 3.35 per cent after the RBA’s comments last month suggested it was growing impatient with high inflation.

This increase represents a 63.8 per cent rise in repayments. At that time, the major banks were providing an average fixed rate of 1.92 per cent.

It should be noted that Australia’s biggest lender, Commonwealth Bank, is currently offering a one-year fixed rate of 5.99%.

Meanwhile, NAB has raised its variable rate for borrowers with a mortgage of less than 20% deposit by 0.2 percentage points to 6.44%.

Key Takeaways

• More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20.
• Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight, couples will enjoy an extra $56.40 and other welfare recipients will receive increases.
• The increase comes as part of twice-yearly indexation, to ensure that pensions and allowance payments remain aligned with inflation.
• The RBA is tipping a 10th consecutive rate rise. Major banks are offering fixed rates of up to 5.99%.

So, there you have it, folks! While many pensioners welcome this boost, we must be realistic and recognise that it's not a quick fix. As pensions grow, so does inflation and the cost of living.

This creates a vicious cycle where pensioners are forced to tighten their budgets even further just to keep up or find themselves falling behind.

What are your thoughts on these changes? Do you think the payment boosts offer enough relief for those who live on fixed incomes? Share your thoughts with us in the comments below.

"The increase comes as part of the twice-yearly indexation, ensuring that pensions and allowance payments remain aligned with inflation". So it is not the generosity of our well-heeled politicians seeking to improve pensioner's living standards? I gather that Australia's official poverty line for a family of two plus a couple of kids is somewhere in the $50 000-mark. I suggest that an Old Aged Pension of $37000-$38000 a year for a couple, means-tested, is inadequate especially if the pensioners are renting or still paying a mortgage (yes, some are). How about a Universal non-means-tested pension government guaranteed paid for through a system such as the former British National Insurance Scheme into which all, including employers, contributed and which was isolated from Consolidated Revenue?


Or is Australia just a country populated by self-righteous begrudgers of the Maggie Thatcher type?

 

[Dingo5359]

I don't know how this stuff all works my Centrelink pension going up $6.16, is that because I get a superannuation pension as well.

 

[Gsr]

Inflation 7.8%, pension increase 3.7%, wow maybe we can have a full slice of bread each instead of half, and we are better off than a lot of other people. I am nearing 70 but won’t be able to afford to retire yet on that increase. I think it should become compulsory for every politician to spend a month living on the same money as welfare recipients, that is the only way they are ever going to get the reality check they need.

 

[Capsam]

Grateful for the increase as a single pensioner. It will not even cover the extra $600 in electricity cost increases since last May. So already eaten up in increased cost of living pressure.. Still not going to get a holiday anytime soon!

 

[Stina]

I welcome any assistance from the government, however, my husband and I are renting and for sure the rent will increase significantly again in October because there will always be someone willing to pay it. Simply we can't afford another increase and I shudder to think what is going to happen to us. What is needed urgently is an increase in rent assistance for those people facing the same grim situation.

 

[Lizzylou]

Sadly not everyone will be happy with the increase that they will be getting, it is very hard out there and we are lucky that we live in a housing trust place, however although there are two disabled people in the house and one carer, we also have a working adult living with us as well so we are paying the full amount, however having said that, it is still below what many are paying for their rent be it renting privately or a mortgage. I don't want to say I am grateful considering my husband and I paid taxes for the 30 to 40 years we worked before my husband due to his work became disabled and me being his carer and having to also due to health issues I had to stop working. I do know a pension is a right not a privilege. We have all earned what is our due and we also shouldn't have to be made to feel like we are begging to be able to live decently later in life.

 

[oilsfromoz]

There is a problem with this indexation process. The pensions (etc) are increased to bring them up to the current cost of living. However, the cost of living and other impositions have been increasing since the last rise in benefits. So, there have been six months of additional costs to the "beneficiaries" and the new rates of pension and benefits don't cover these, just bring them up to cover the immediate situation. In the meantime, pensioners and others have had to dip into savings, go into debt to continue to live and that ain't good enough.
My rent has gone up $50 per week in a year. I now have to pay $25 per doctor's visit due to the dropping of bulk billing. Without considering all the other cost increases (food, fuel, energy, etc), I'm going backwards at a 100mph.

 

[lea61]

As the cost of living continues to rise, many people are feeling the pinch. However, those living on fixed incomes, such as pensioners, are often hit the hardest.

With limited funds available, many struggle to make ends meet and afford necessities like food, housing, and healthcare.

For these individuals, any increase in their pension payments can be a welcome relief, providing them with some much-needed financial support.

If you’re one of those people who are looking forward to payment boosts, then we’ve got news for you!

More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20, to keep up with the increasing cost of living.

View attachment 15005

A significant increase in the pension and allowance payments for more than 4.7 million Australians is expected to come into effect this month. Credit: Shutterstock.

Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight and couples will now enjoy an extra $56.40 per fortnight. This boost brings their payments to $1,064 and $1,604 respectively.

Non-pensioners who rely on Centrelink payments will also get some relief. Here’s a breakdown:

• JobSeeker and ABSTUDY payments will increase by $24.70 bringing the fortnight payment to $701.90 for single recipients aged over 22 with no children.
• Parenting Payments will rise by $33.90 to $967.90 a fortnight for single parents.
• Commonwealth Rent Assistance will increase by $5.60 for singles, $6.58 for recipients with two children, and another $7.42 for families with three or more kids.

View attachment 15021

Credit: Seniors Discount Club.

The increase comes as part of the twice-yearly indexation, ensuring that pensions and allowance payments remain aligned with inflation

Surprisingly, the increase in pension payments has outpaced that of wages, with pensions rising at twice the rate of wages in recent months.

In September, pensions saw a significant increase of 4%, followed by another substantial hike of 3.7% in March.

In contrast, Australian wages rose by 3.3 per cent last year, which was the quickest pace in ten years. However, this increase was far below the inflation rate, which stood at 7.8 per cent - the highest since 1990.

Social Services Minister Amanda Rishworth said the good news will be a real ‘lift’ for those relying on welfare payments, who have felt the pinch of increasing prices on commodities.

She remarked: ‘Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials.’

'Australia's social security system exists to support our most vulnerable citizens, and we know they are feeling the pinch.'

As exciting as this news is, we must accept that it’s not truly ‘rainbows and unicorns’. We still have to brace ourselves with the likelihood of double-digit mortgage hikes, with the RBA tipping a 10th consecutive rate rise on Tuesday.

The cash rate is expected to increase to 3.6 per cent from 3.35 per cent after the RBA’s comments last month suggested it was growing impatient with high inflation.

This increase represents a 63.8 per cent rise in repayments. At that time, the major banks were providing an average fixed rate of 1.92 per cent.

It should be noted that Australia’s biggest lender, Commonwealth Bank, is currently offering a one-year fixed rate of 5.99%.

Meanwhile, NAB has raised its variable rate for borrowers with a mortgage of less than 20% deposit by 0.2 percentage points to 6.44%.

Key Takeaways

• More than 4.7 million Australians are set to receive a boost in their fortnightly payments, starting March 20.
• Single pensioners, disability pensioners and carers will receive an extra $37.50 each fortnight, couples will enjoy an extra $56.40 and other welfare recipients will receive increases.
• The increase comes as part of twice-yearly indexation, to ensure that pensions and allowance payments remain aligned with inflation.
• The RBA is tipping a 10th consecutive rate rise. Major banks are offering fixed rates of up to 5.99%.

So, there you have it, folks! While many pensioners welcome this boost, we must be realistic and recognise that it's not a quick fix. As pensions grow, so does inflation and the cost of living.

This creates a vicious cycle where pensioners are forced to tighten their budgets even further just to keep up or find themselves falling behind.

What are your thoughts on these changes? Do you think the payment boosts offer enough relief for those who live on fixed incomes? Share your thoughts with us in the comments below.

Personally the increase won't help with the electricity rebate going down from 21% to 17% (announced today) food going up and my rent has increased by $60 a week this year $5.60 is not going to make any difference (next year I will be out on the streets) it would be more beneficial for the government to put a cap on rents but that would be too logical

 

[siameezer]

Personally the increase won't help with the electricity rebate going down from 21% to 17% (announced today) food going up and my rent has increased by $60 a week this year $5.60 is not going to make any difference (next year I will be out on the streets) it would be more beneficial for the government to put a cap on rents but that would be too logical

You were getting 21% electricity rebate? Here in Victoria the concession on electricity bills was 17.5% all along.