Approximately five million Australians are set to receive an increase in their social security payments as indexation comes into effect later this month.
Increase in Welfare Payments with March 20 Indexation
Starting from March 20, recipients of Age Pension, Disability Support Pension, and Carer Payment will see an increase of $19.60 per fortnight for singles and $29.40 per fortnight for couples.
When factoring in the Pension Supplement and Energy Supplement, the maximum pension rates will reach $1,116.30 per fortnight for singles and $1,682.80 per fortnight for couples.
Additionally, Commonwealth Rent Assistance, JobSeeker, Parenting Payment Single, and ABSTUDY will also undergo indexation.
This positive adjustment aligns with the government’s commitment to uplift the lives of its citizens especially those in need, as demonstrated by the $40 increase to working age and student payments announced in the 2023‑24 Budget.
Since Labor took office, the single, without child rate of JobSeeker Payment has experienced a significant nominal increase of $120 per fortnight, marking an 18.7% rise.
The government also changed the criteria for Parenting Payment Single. The change ensures that single parents with the youngest child under the age of 14 continue to qualify for the payment.
Previously, the cut-off was applied to single parents with the youngest child under eight, who would then transition to receiving JobSeeker Payment.
Minister for Social Services Amanda Rishworth emphasised the commitment of the Albanese Labor Government to alleviate cost-of-living pressures and provide assistance to Australians in times of need.
News source: Ministers for the Department of Social Services website
