Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

 

[Sherza]

I can’t see where we are getting anything other than the $20 we got in March, which doesn’t go anywhere near to helping us

 

[MIZMAC]

This is the same as we always get and always way later than the inflation rise. That is why we continue to be behind and struggling.

 

[Ricci]

I read somewhere that depending on the inflation figure they were talking about a $42p/f increase. I can't see it being that high as we are so much in debt. I don't intend to hold my breath to see it as I'm sure I'll be disappointed. Anything will be gratefully received.

 

[chezna]

I read somewhere that depending on the inflation figure they were talking about a $42p/f increase. I can't see it being that high as we are so much in debt. I don't intend to hold my breath to see it as I'm sure I'll be disappointed. Anything will be gratefully received.

They said $43.20 I doubt it too…

 

[Greg Sharp]

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

 

[Greg Sharp]

Let’s hope any increase we get will do more than cover the cost of a cup of coffee

 

[Jentour1]

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

It appears to be a lot of talk no commitment and no planned amount or date. This is just talk.

 

[DawnG]

One of our biggest issues, as senior pensioners paying rent in a “lifestyle” village, is that as soon as we get the tiniest increase in pension, our landlord increases the rent!

 

[Isabella]

We are aged Pensioners, but we, as a couple, receive approx. $1488.00 PER FORTNIGHT, NOT PER WEEK.
Why are we missing out on all that extra pension????

 

[Petendee]

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

Your headline used the word huge in terms of pension increase.
A bit hard to believe when a figure has yet to be mentioned. Let's see.
The previous government took to reducing the asset test from $1.1mill to $0.8 mill to qualify for any pro rate pension.
This move was supported by labour in opposition.
Anyone who had been frugal all their life and had some superannuation and some savings found that they had a pension reduction if they fitted the above criteria.
From our point of view we have had an increase in many areas but the last one one was house insurance which in May went up by 20%. We have had to increase the excess and reduce the sum insured to make a fit with our budget.
Let's hope the relief promised is appropriate to the cost burden incurred and not just a number.

 

[Ricci]

We are aged Pensioners, but we, as a couple, receive approx. $1488.00 PER FORTNIGHT, NOT PER WEEK.
Why are we missing out on all that extra pension????

Typo!

 

[oilsfromoz]

"We don’t want to see pensioners fall further and further behind" - We are already way behind and there won't be any catch up for us. Just more "politspeak". Inflation increase will be a year old by the time September rolls around.

 

[chezna]

It appears to be a lot of talk no commitment and no planned amount or date. This is just talk.

The date they said was 20 September which is when we get the next increase

 

[Mistydolphin1]

I agree, every pension increase every thing goes up. It is like all services are just waiting on a pension increase to put prices up - usually more than the increase, so back behind the 8 ball again.

 

[Szuki]

Pensioners have worked all their lives and paid taxes. With absolutely everything going up or gone up this year, $100 a fortnight wouldn’t cover increases. My house insurance will go. Cut back on food. Don’t go out much because of petrol cost. Don’t put heater on for long. Etc etc. it’s all ridiculous. If you rent privately as I do and many others, it’s even harder.

 

[Emm123]

Living in a Lifestyle Village the site fees were raised by $15/fortnight in line with the CPI ! Our $20 increase in the pension of course covered that! My problem now is what the amount of $5/fortnight left over can cover, rise in electricity, gas, water? $1/fortnight towards these . But hey I have $2/fortnight left over … of course that can go towards my Health Fund payments! I’ve got it made! Never in my life have I had to complain about what I have to live on … UNTIL NOW! Hopefully we may receive another increase … but I won’t be holding my breath!

 

[Riorita]

Pensions are an important part of many people's retirement planning, and it's crucial that they keep up with inflation.

Unfortunately, pensioners have been feeling the pinch in recent years, as the cost of living continues to skyrocket.

In a recent speech, Treasurer Jim Chalmers assured the public that the federal government is determined to make sure that pensioners don't fall further behind as inflation rises.

With inflation currently at 5.1% and forecasted to rise by the end of the year, Mr Chalmers said that a half-yearly indexation increase for pensions is slated to take effect on September 20.

It should be noted that age pension rates increased in March by $20.10, to $987.60 each fortnight — or $25,677.60 annually — for single pensioners, while the joint maximum rate for elderly couples rose by $30.20, to $1488.80 per week or $38,708 per year.

Mr Chalmers promised to provide an update on the government's projections for inflation, growth, and salaries when the new parliament session commences in late July.

The Treasurer said that the federal government will discuss the possible increase in pension payments once the new parliament session commences in late July. Credit: AAP.​

He said: “The shape of the challenge to inflation will get worse before it gets better but it will get better."

“We understand that pensioners are doing it incredibly tough when it comes to their costs of essentials like groceries, electricity and petrol and in other parts of the household budget."

“We don’t want to see pensioners fall further and further behind. And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.”

Additionally, economists are expected to keep an eye on important data to see if Australia's construction activity has fallen further once key figures are released.

The Australian Bureau of Statistics is set to release the construction activity report for the March quarter on Wednesday. It will include estimates of the number of new homes and "work yet to be done."

The figures for the first quarter of 2022 is expected to be impacted by a decline in the industry at the end of 2021, with the number of new private sector homes being built decreased by little more than 10%, while the overall number of housing unit commencements declined by 13.5% in the December quarter.

All in all, the total cost of construction work decreased by 1.6% to $30.3 billion.

This week will also see the release of employment statistics, with most experts predicting that the unemployment rate will drop from 3.9% to 3.8% — its lowest level since 1974.

So, there you have it, folks! We want to hear your thoughts on this. Do you think it's time for the federal government to prioritise the increase of pension payments in its budget agenda? Share your insights with us in the comments below.

Yes pensions must have a decent rise....we are all Scraping the barrel to survive....not a mere few dollars...goes nowhere
And we keep cutting back on food mainly... I know I am....

 

[gordon1940]

I profoundly support the Aged Pension. It was introduced by the Protectionist Party in 1908 with the support of the Labour Party. I detect their are some Pensioner “ grizzlies “ out there who I known struggle at this time, but remember just paying taxes for a lifetime does not entitle receipt of the Pension. The Govt no has self generating income it is funded by todays taxpayers. I willingly give my funding. Please be grateful.

 

[Goodbloke]

Currently I am aware that the number of people paying taxes into the coffers verses the number of people on pensions drawing it out of the coffers is a delicate balance. We as pensioners are a growing group, the budget must be a tricky proposition to create. I have always thought that we as a nation are underpopulated, when we consider cities in Asia with 30 or so million people in an area smaller than Tasmania, yet we in all of this vast country have less than 30 million in total, the obvious answer in my mind is to bring in more young working population that will pay taxes and become great Australians. Migrants built Australia, so why not encourage a more diverse Australia by allowing more to come here. More workers would mean more taxes paid, allowing a better spend towards the elderly of the nation. Of course we could also encourage taxing the companies that pay almost no tax to pay some. Until more money comes in to Govt there can be no real good increase to pensioners and to those doing it tough for a multitude of reasons. With the land area of Australia we as a nation should be able to grow by many millions. Just a thought, and yes another $50 a week would be great thanks.