More than 4.8 million Australians will receive an increase to their social security payments from 20 September when indexation takes effect.
The base rates of Age Pension, Disability Support Pension and Carer Payment will increase by $6.80 a fortnight to $850.40 for singles and $10.20 a fortnight to $1282 for couples combined. Pension Supplement is also payable to pension recipients.
“Those affected by the reduced deeming rates will see a further increase to their payments from September in addition to the increase from indexation,” Minister Ruston said.
As a result of the reduced deeming rates single Age Pensioners affected by deeming will get an extra $9.59 per fortnight, on average, while couples affected by deeming will get $12.06, on average, each fortnight.
Individuals with no children receiving Newstart Allowance, Widow Allowance and Sickness Allowance will see their base rate increase $3.30 per fortnight to $559. Single parents receiving Parenting Payment will also receive an increase in their base rate of $4.50 a fortnight to $756.80.
Pension Supplement is also payable to Parenting Payment Single recipients.
All eligible income support recipients will receive the Energy Supplement.
Increases to Rent Assistance, some supplementary payments, and a range of income and assets test limits also mean that Australians who rely on the social security system will be able to have higher incomes and more assets before their payment is impacted.
Payment rates for adult pensions and allowances are adjusted twice a year, in March and September.
“These changes will help welfare recipients keep up with increases in living costs and changes in investment returns,” Minister Ruston said.
Full details of the new rates and thresholds are available from today at www.dss.gov.au/about-the-department/benefits-payments