In a world where the cost of living seems to be perpetually on the rise, it’s a relief to know that help is on the way for millions of Australians who rely on social security payments. As you navigate through the complexities of managing household budgets, the government has announced a welcome update that will see an increase in welfare payments for a wide range of recipients, including pensioners, renters, and job seekers.
Starting from the 20th of March, more than five million Australians will see a boost in their social security benefits as a result of indexation changes. This adjustment is designed to reflect the changes in the cost of living and ensure that those on social security payments can maintain their purchasing power. Here’s what you need to know about this adjustment.
For those on the Age Pension, Disability Support Pension, and Carer Payment, the maximum single rate of pension will see an increase of $4.60, bringing the total to $1,149.00 every fortnight. This may seem like a small increment, but over time, it could add up and make a significant difference in covering everyday expenses.
Single parents receiving parenting payments will also benefit from an additional $4 per fortnight, which takes their payment to $1,030. Meanwhile, JobSeeker recipients aged 22 and over without children will see their payment increase by $3.10, resulting in a new fortnightly total of $789.90, including the energy supplement.
The federal government has emphasised that these indexation changes, which have been implemented over the past three years, will mean that a single pensioner will receive an extra $3,913 each year, with couples on pensions to have a combined annual increase of $5,902.
This substantial boost can help alleviate some of the financial strain many are experiencing.
Social Services Minister Amanda Rishworth has highlighted that people on JobSeeker payments will gain an additional $3,374 to $5,038. Due to indexation and Labor’s payment reforms in the last three years, single parents—mostly women—will be more than $7,500 better off annually.
‘Indexation is a critical part of our social security safety net. For pensioners and other payment recipients receiving this financial boost, this will help ease some pressure,’ Rishworth stated, highlighting the government’s commitment to easing cost of living pressures.
Furthermore, Labor has committed a substantial $11.5 billion to the nation’s social security system in the 2023/24 and 2024/25 federal budgets. This investment underscores the government’s dedication to supporting Australians who need it most.
For those eager to see the full impact of these changes on their personal finances, the complete list of payments increasing on the 20th of March, including income and asset limits, can be found here. It’s important to stay informed and understand how these changes may affect you or your loved ones.
We encourage you to share your thoughts and experiences with these changes. Have you noticed the increase in your payments? How will this additional support impact your daily life? Join the conversation below and let your fellow YourLifeChoices readers know how these changes are making a difference for you.
Also read: Financial relief on the way: Millions of Australians to get a boost
How wonderful(sarcastic comment). This relates to about )0.53% increase on my pension. Everybody else gets about 3%. A govt. for the masses, I think not.
For the Government and Opposition to claim that the cost of living went up by about $4 a fortnight over the past six months is a joke and an insult to pensioners.
The LNP and ALP are full of very wealthy MP’s who have no idea of life for the majority of us and don’t care. Put both major parties last when you vote in the coming election. Choose candidates who actually care for their community.
Totally agree. And talking about the value of the increases over three years shows how disconnected they are. The three year increase in Cost of Living is massive!
The PM doesn’t have any worries about not being able to afford to purchase healthy food. He will live the good life whilst he is the PM, retire on a healthy Parliamentary Pension, and live happily ever after.
Meanwhile other Australians are confronted with ridiculous prices every time they shop. Very sad when so many cannot afford to pay what Supermarkets are asking for Meat, Vegetables, Fruit, and Eggs. Australian grown produce, yet Australians can no longer afford to eat healthily. The situation will in turn cause health issues.
I doubt whether the PM or the Treasurer actually care that Australians are struggling to survive. The government’s official inflationary rate is way below the real inflation rate that people are experiencing.
Too many diversionary woke issues have acted to direct the focus away from the government’s primary responsibility, which is to ensure Australians can afford to live.
Yep. You said it.
Are you for real? I couldn’t believe when I read the nonsense on your email – ‘retirees and other social security recipients can look forward to a welcome boost’. Oh my God! – what an insult to call a $4.60 a fortnight increase ‘a boost’! My PHI will increase more than that. My home insurance will increase $23.80 per fortnight. Won’t even start on the other increases. Seriously – I really wonder how much longer I can survive.
They don’t want us to survive. Time to get rid of the major parties who are so out of touch with reality.
$4.60 for pensioners a fortnight
politicins received a pay increase ofover $4800 a fortnight plus tax cuts
As far as i am concerned its a joke
We are sooo lucky we have enough money left over to build nuclear submarines
$4.60 a fortnight can lead to a ‘significant saving’. Are you kidding me? You are insulting pensioners by publishing this tripe
Yep. And the idiots who print this BS are also out of touch.
Wow, $4.60 per fortnight, that’s $119.60 per years increase, and that is supposed to cover the Increase in my House & Contents Insurance, Car Insurance, Private Medical Insurance, Electricity, Gas, Water etc.
What about any compensation for that 4% increase in our Living Expenses over the past 6 Months.
It’s about time that the Age Pension Rate and the method of calculating it and its Indexation was brought up into this Century.
Agree, but that would take a massive change in the government model.
Gosh, it’s a great increase – so much that it will pay for about 2/3 to 3/4 of a cuppa coffee in a cafe – not that I ever buy one there as they are too expensive. If we want a coffee buy one at a service station eg 711, $2, and some charge $1.50 if you take your own mug.
Incredible how the pension increases are so small resulting in life becoming increasingly difficult for pensioners and part pensioners. It’s completely disheartening.
Govts of both persuasions manipulate the numbers to look better than they are. A 0.4% increase is pathetic and isn’t a true reflection of how costs for pensioners continue to rise each day. Only good news was that both base rate and supplement increase were rounded UP to the nearest 10 cents. It what I expected but still had hopes that MTAWE numbers might get used instead. The system needs an overhaul. We are meant to be the lucky country for heavens sake
As always those in need and pensioners amhave bern ignored time and time again. The last government to increase pensions outside of the biannual increases was the Rudd government in 2008. 17 years latter 6 PM’s and 13 years out of that 17 being an LNP government. Nothing. Cine the soon Federal election put the LNP & ALP last on the ticket. Start by emailing your local MP & senator and tell them what you think and how you are going to vote in the upcoming election
Hahahahaha…. just received notice that my Private Health contribution has just increased by $12 per month. Might just ask Centrelink to post the pension increase direct to the health care company.
Such a massive increase in our pension, I think about $3.50 each a fortnight, how generous, I just need another $11.22 from some where and that will cover the increase in my Health Fund. This will also include the increase for my wife, so here we are $22.44 out off pocket before all of the other cost increases mentioned by everyone else.
Such a caring Government.
$4.60 – a boost – what a joke!!!
My extras cover has just gone up by 30 cents, yes, that’s right 30 cents, but my phone account has gone up by $10 per month. There goes my increase!
Not to mention insurances – contents, CTP, car, FOOD!, FUEL! RENT! and they call this a ‘boost’.
It’s not any party that’s giving us these rises, IT’S IN LEGISLATION!, so until that’s changed, then we’re always going to be behind, and on ‘Struggle Street’
I haven’t seen any workings as to how they came up with this figure, as the increase of the average weekly male earnings has come in at 4.6% over the past 12 months, so accounting for this I’d expect to see a larger increase than what is mentioned here. Of the 3 indices, the one with the largest ‘$’ outcome ‘should be’ the increase that’s given.
Not to mention the paltry increase of 80c in the rent assistance – that’s also a ‘slap in the face with a wet fish’ for those of us who are renting, when I’m expecting at least $10 – $20 per week rise in my rent in August (end of current lease). Where on earth am I supposed to get the funds for the increase? From thin air?
My budget is ‘tight’ with very little room for such increases as it is.
What a joke. This goes to show Labor does not care about we pensioners or want our votes. Vote for anyone other than Labor or people giving their preferences to Labor. Show them we matter.
Politicians got an increase due to the increased cost of living. All other Centrelink recipients got healthy increases and we pensioners got a slap in the face. Time for a change.
A 0.5% increase when costs under Labor are running at double digit increases shows they want we pensioners gone. More money to give to others to buy votes. Disgusting and dare I say it, traitorous.
You are wrong. It is not a matter of voting for anyone except Labor as the Coalition is the same or worse. Pensioners should be putting both of those major parties last on their ballot paper.
Apologies and agree. Should have said anyone but Labor, Liberal or Greens.
And now a rise of up to 9% rise in power prices from July. Both sides of govt are so out of touch with how people are struggling: just saw another article that said pensioners are foregoing meals and medication to pay energy bills: energy is an essential service and should never have been privatised by the various states, only way to bring power bills down is for the fed govt to buy the assets back and set the prices instead of the AGLs and Origins we now have
Wow! The pension increase might NEARLY cover the upcoming increase in the cost of electricity – announced pretty much simultaneously. Not sure how pensioners are supposed to cover increases in rent, rates, insurance, medical insurance (if any can afford that luxury), petrol, food (up by at least 30% in the past 2 years), etc. But they might cover nearly all the electricity price increase with this pension increase. What a disgrace for a government to, on almost the same day, claim to be adjusting pensions to cover cost of living increases and announce an electricity price increase of approximately the same amount (more in some states!). Do any of these politicians feel shame?
As for calling it a ‘boost’… wow, how out of touch can you be?
Agree and the article reinforces this being a Boost with a picture of a handful of notes. The picture should be a couple of coins. The editors of this site are publishing very misleading material.
Apologies and agree. Should have said anyone but Labor, Liberal or Greens.
Totally agree. Spin doctors for the major parties.
gee i might go on a round the world trip with that increase!!!
To call this pension increase a “Boost” is nothing less than an insult, and most other people to this article have explained why.My message to the Life Choices management is this: If you are targeting pensioners as your readers, then engage someone who has knowledge of AGE, and half a brain, to first of all write articles pertaining to us, and secondly, to edit such articles.
It is bad enough having a government and public service that are completely devoid of empathy when it comes to aged pension recipients, without having a forum which I have to assume is aimed at us, displaying the same lack of empathy.
Just in case you don’t understand the gist of my reply, an accurate description of the aged pension increases would be : They are an absolute disgrace and indicative of a government that doesn’t give a flying f—k about it’s senior citizens.
Maybe l can ask Centrelink to give me the annual increase amount ($$3,913) all at once … (sarcastic..)
How on earth is $7 / fortnight for a couple “easing the cost of living”?
Article on news tomorrow states some groceries have increased by 30%
I am extremely disappointed in Labor.