The Morrison Government has delivered another increase to 4.5 million pension and allowance recipients from 20 March.
Minister for Families and Social Services, Paul Fletcher, said that as a result of the March indexation, pension payments including Age Pension, Disability Support Pension and Carer Payment will increase by $9.90 a fortnight to $926.20 for singles, and by $14.80 a fortnight to $1,396.20 for couples combined. Total pension rates include Pension Supplement and Energy Supplement.
“Since this Government came into office, the Age Pension has increased by $117.80 per fortnight for single pensioners and by $177.40 per fortnight for couples combined,” said Mr Fletcher.
Individuals receiving Newstart Allowance, Widow Allowance and Sickness Allowance will benefit from an increase of $5.50 a fortnight to $564.50, including Energy Supplement. Members of a couple will see an increase of $5.00 a fortnight to $509.60 each, including Energy Supplement.
The rate of Parenting Payment (Single) will increase by $7.60 to $788.10 a fortnight, including Pension Supplement and Energy Supplement.
Payment rates for pensions and allowances are adjusted twice a year, in March and September. Pension increases are linked to prices and wages, whilst allowances are linked to the Consumer Price Index.
The Morrison Government understands the importance of these increases to help pensioners and allowance recipients to keep up with the cost of living,” Mr Fletcher said.
“As a result of indexation, Rent Assistance rates also increase from 20 March, as well as a range of income and assets limits for pensions and allowances. This includes higher limits to the income and assets tests for age pensioners.”
Full details of new rates and thresholds can be found on the Department of Social Services website at www.dss.gov.au/about-the-department/benefits-payments.