More than 936,000 Australians receiving youth, student or carer support will see a 6.0 per cent boost to their payments as indexation takes effect from 1 January 2024.
Minister for Social Services Amanda Rishworth, said the increases to payments ensure that Australians receiving support are able to navigate cost of living pressures.
“Australia’s social security system is a safety net that is continually strengthened and improved to support all vulnerable Australians,” Minister Rishworth said,
“Through regular indexation, our payments are adjusted in line with changes in the cost of living to retain their purchasing power."
Young job seekers and students will see their Youth Allowance payments increase between $22.40 and $45.60 a fortnight, and those receiving Austudy will get an increase of between $36.20 and $45.60 a fortnight.
Recipients of Disability Support Pension aged under 21 years will receive payment increases of $31.10 to $44.90 a fortnight, and over 600,000 carers will receive additional financial support as Carer Allowance will increase to $153.50 a fortnight.
These indexation increases build on the $40 a fortnight increase to youth and student payment rates that came into effect on 20 September 2023 as a result of the Albanese Government’s measures in the 2023-24 Budget to strengthen the safety net.
Minister Rishworth said the indexation increase is putting more money into the hip pockets of Australians who rely on the social security system for support.
The complete list of payments to increase as of 1 January 2024, as well as their new rates and thresholds, can be found on the Department of Social Services website.