More than five million Australians will benefit from an increase to their income support payment when latest indexation takes effect on 20 September 2024.
A range of pensions and payments will increase in the latest round of indexation – including Age Pension, Carer Payment and Commonwealth Rent Assistance recipients – delivering timely cost of living relief.
Age pensioners will see an increase of $28.10 a fortnight for singles and $42.40 a fortnight for couples combined and are the largest cohort to see an increase to their payments.
The same increase will apply to the Disability Support Pension and Carer Payment taking the total per fortnight, including energy supplement, to $1144.40 for singles and $862.60 for each member of a couple.
As announced in the 2024 25 Budget, maximum rates of Commonwealth Rent Assistance will also be increased by 10 per cent on the same day, with indexation applied on top.
Single recipients, with no children, renting on their own, and receiving the maximum rate will get an additional $23 per fortnight in Rent Assistance. For families with one or two children, their payment will increase by $27.02 per fortnight.
Minister for Social Services Amanda Rishworth said the Albanese Labor Government is firmly committed to delivering greater assistance to Australians facing cost of living challenges.
“This Government recognises that many Australians continue to be directly affected by cost of living pressures,” Minister Rishworth said.
“Indexation, together with our Budget measures, means maximum rates of Commonwealth Rent Assistance will have increased by around 45 per cent since the Albanese Government was elected.
“This indexation will deliver timely boosts to people receiving allowance payments and pensions, ensuring that these vulnerable cohorts have more money in their pockets for everyday expenses.”
For a single recipient of JobSeeker Payment with no children, indexation will deliver a $15.30 increase, bringing their total fortnightly payment to $786.80 (including Energy Supplement).
Since May 2022 the base rate of JobSeeker for a single person has increased by $135 per fortnight. This is an increase of 21 per cent since Labor was elected. This is the largest ever nominal increase to unemployment benefits over a comparable period, providing over $3500 in additional support each year.
As announced in the 2024 25 Budget, from 20 September single JobSeeker Payment recipients with an assessed partial capacity to work of 0 to 14 hours per week will move to the higher rate of JobSeeker, receiving $849.50 a fortnight (including Energy Supplement and Pharmaceutical Allowance). For these recipients moving from the lower to higher rate, this will be an increase of $71.20 a fortnight.
Parenting Payment Single recipients are also benefiting from indexation, with their fortnightly payments increasing by $19.80 to $1026.30 a fortnight (including supplements).
As of July, over 91,000 single parents – mainly women – are benefiting from the Government’s 2023 changes to expand eligibility for Parenting Payment Single to parents until their youngest child turns 14.
Part-rate income support recipients are also continuing to benefit from the Government’s extended freeze on social security deeming rates, as announced in the last federal Budget.
The complete list of payments increasing on 20 September 2024, including income and asset limits, can be found on the Department of Social Services website.
For more information about the 2024-25 Budget measures visit the Department of Social Services website.