As the cost of living continues to rise, many Australians are feeling the pinch, particularly those who rely on Centrelink payments to make ends meet. However, there’s some good news on the horizon for millions of Centrelink recipients: a significant boost in payments is just weeks away.
With the March 20 indexation date fast approaching, one of the four critical dates in the calendar year, Centrelink payments are set to increase to keep pace with inflation. Here’s what we know so far.
Services Australia, the agency responsible for delivering government payments and services, is expected to announce the exact increase in early March. This adjustment will apply to several branches of welfare, ensuring that those who are retired or facing financial hardships receive timely cost of living relief.
| The March indexation is anticipated to affect a range of payments, including: |
| Age Pension |
| Disability Support Pension and Carer Payment |
| Pension Supplement and Energy Supplement |
| Commonwealth Rent Assistance |
| JobSeeker |
| Parenting Payment Single |
| ABSTUDY |
Social Services Minister Amanda Rishworth has emphasised the government’s commitment to addressing inflation and pressures related to the cost of living. She stated, ‘These challenges highlight the importance of regular indexation to ensure that payment recipients have more money in their pockets for everyday expenses.’
Pension recipients, who are among ‘the most vulnerable members of our communities,’ will particularly benefit from this indexation. Many have dedicated their lives to contributing to society or caring for loved ones, and this increase is a way to acknowledge their contributions and provide additional support, Rishworth added.
‘This regular indexation is in addition to our boost to working age and student payments.’
As we await the official announcement, it’s important to note that most payments are indexed based on the movement in the consumer price index (CPI) over the six months from the previous June to the previous December. The upcoming increase, which will be reflected in accounts on March 20, is the last round before the federal election.
In the political arena, Social Services Minister Rishworth warned that the frequency of Centrelink payment increases could be ‘at risk’ if the Coalition is elected. She cited the opposition’s characterisation of the increases as ‘reckless spending’ and their indication that it would be ‘part of their proposed $315 billion budget cuts.’
As we approach the indexation date, Centrelink recipients must stay informed about the changes to their payments. Keeping an eye on official announcements from Services Australia will ensure that you’re aware of the exact increase you can expect.
Remember, YourLifeChoices is dedicated to providing Australians over 50 with the most relevant and up-to-date information. We’re here to keep you informed and help you navigate the complexities of financial support in the country.
What can you say about this news? How are you planning to spend your cash boost? Share your thoughts with the community in the comments below.
Also read: Centrelink offers up to $6,548 extra cash for Australians—check if you qualify!
And retirees are left out in the cold again.
It is added to age pension but if you are self funded you dont need it.
👏👏👏
Every government claims credit for the indexation increases. These are automatic and reflect the increase in cost of living which have already occurred.
It’s a catch up.
The way Centrelink indexes is not consistent. For pensions they use the higher of a couple of indices.
Jobseeker and Youth Allowance are indexed differently.
The largest cohort on Jobseeker are those over fifty, many waiting for the pension, now 67. Often people with medical conditions who cannot work, eg Labourers such as brickies and concreters. Many older women who are in distress with lower superannuation or following relationship breakdowns.
There may be a chance a coalition government will change the frequency of indexation, they claim they will make cuts but there is no detail.
Remember their line, during the referendum. If you don’t know vote no.
To be fair though, the Albanese Labor Government also ignored the recommendations of the independent Economic Inclusion Advisory Committee for increases in Jobseeker and Youth Allowance and Rental Assistance.
Evert govt lies about the CPI
ITS A FACT THTBWHATBTHE GOVT SAYS IS ALWAYS BELOW THE ACTUAL COST OF LIVING
NOT ALL FACTORS ARE TAKEN INTO ACCOUNT SWHICH MEANS THE CPI IS ALWAYS LOWER THAN IT ACTUALLY IS
MAYBE POLITICIANS SHOULD CHANGE THE FACTORS THEY USE AS A FORMULA TO A REAL COST OF LIVING FACTOR AND BACKPAY US PENSIONERS
IF THEIR PAY INCREASES WAS SHORT I AM SURE IT WOULD BE FIXED FOR THEM IMMEDIATELY
👏👏👏💪
It is not a boost it is a catch up payment for inflation that has already occured.
And although they claim it’s matched to the CPI increase of about 3% their CPI figure is hard to believe and IMO falls well short of actual inflation. The goods and services most pensioners use have increased in price a lot more than 3% over the past six months making their CPI figure fraudulent.
Both Liberal and Labor governments deceive us over that though.
We must make our vote to work. !
I am a self funded retiree who is now living alone.
I am just amazed at the price of fruit and veg.
Even the branded canned stuff is high priced and. Some is inedible in taste
Pensioners really need A hand up
Do the idiots in Government take into account an increase we have to now bear with every purchase we make which mounts up over a period, that is the bloody charge for using your credit card. While not much at the time, over time it mounts – don’t always blame the banks – other, or most items increase and there is no support from Government who let it happen, hence the overall increase, which includes the tax ” on using your credit card. Please don’t tell me to use cash as with the criminal increases – if you carry only cash and get robbed !!!!!
you cant ring the bank and ask them to stop the money, so, we are stuffed and committed to the credit card rip off.
MTAWE went up 2.8% in the 6 months to November so perhaps this will be the number used to calculate the next pension rise, be a pleasant surprise if so.
What has interest on credit cards anything to do with pension indexation? If you have one, then it’s up to you to pay the bill.
I still carry cash and refuse to use my debit card, as I don’t want to pay ‘surcharges’ just to ‘tap-and-go’.
I pay my bills – rent, electricity, etc, by internet banking, then withdraw cash out for my food & general spending, thus keeping my bank statement to under 2-3 pages per month. The only spending I do on a separate account is my car expenses – fuel, servicing, insurance, etc. I receive interest on ALL my savings accounts each month.
Being a retired bookkeeper, I keep a very keen eye on all my income & spending using an Excel spreadsheet to do my budget and MYOB to record my actual spending. I know where every cent goes to, so why would I want to pay surcharges and high interest rates on a credit card when I can live without one, and pay nothing?
I watched Amanda Rishworth talking the other day.The bulls**t running out of her mouth was laughable.
CPI was only 0.4% and PBLCI was only 0.2%. The number we are still waiting on is MTAWE but usually this number comes in lower than either of the other two. A CPI increase would only result in an extra $4.50 for a single pensioner so unless Labor intend giving a one off increase to combat financial stress I for one am not expecting a big increase.
Any increase will be better than what the coalition will give. Dutton wants to kill Medicare (as all lib govts have); he wants to build nuclear reactors which will double people’s power bills and get rid of the energy rebates.
Eleven years of the libs saw this country with it’s back to the wall; we can’t afford Dutton and his far right policies.
The increases are in legislation, and not at the whim of any particular political party. There goes your theory that the Labor govt will give us more than the Lib/Nats.
Working on the MTAWE annual increase of 4.6%, divided by 2, the average increase will be up to $26 – Current base rate of single pension plus supplement = $1,130, multiply this by 0.023 will give you $26 (or $25.997 to 3 decimal places).
Might be able to splash out and buy 2 dozen eggs instead of 1 dozen 🤣
What a joke !!!
Disgusting. How can you honestly advertise a pension relief when the rise is only $2. a week. Won’t even buy a loaf of bread.