Australians on a pension will today be waking up to see a boost in their bank accounts, thanks to the largest pension indexation increase in more than 12 years and the largest increase to allowances in three decades.
Those receiving a pension will receive the full payment boost in the first normal pension pay cycle following the formal indexation to rates on September 20.
For most, including those on the Service Pension, that first boosted payment will occur today - while some have been receiving their updated payments over the past fortnight on the day of their specific pension payment.
Minister for Social Services Amanda Rishworth said this increase would help all Australians, including veterans.
“This will give a much-need boost to many people and help ease cost of living pressures” Minister Rishworth said.
“We’re pleased the full fortnightly increase will be hitting most pensioners’ accounts from today.”
The Service Pension, Age Pension, Disability Support Pension and Carer Payment have risen by $38.90 a fortnight for singles and $58.80 a fortnight for couples in the latest indexation round.
The maximum rate of pension has increased to $1026.50 a fortnight for singles and $773.80 for each member of a pensioner couple or $1547.60 per couple (including Pension Supplement and Energy Supplement).
The rate of JobSeeker Payment for singles without children has increased by $25.70 a fortnight to $677.20 including Energy Supplement, while Parenting Payment Single has increased by $35.20 per fortnight to $927.40 including Pension Supplement and Energy Supplement.
Minister for Veterans’ Affairs Matt Keogh said veterans and their families will notice the increase to their pensions automatically in their payments today.
“Our guiding principles as a Government are ensuring no one is left behind and no one is held back and this indexation increase will help pension recipients including veterans, their partners, war widows and widowers keep up with the cost of living,” Minister Keogh said.
The pension paid to war widow(er)s has risen by $39.60 to $1044.30 per fortnight. Additionally, Disability Compensation Payments will increase by $59.90 per fortnight for the Special Rate, $33.20 for the Extreme Disablement Adjustment rate, and $21.30 for the 100% General Rate of Disability Compensation Payment.
“The Australian community has a clear expectation that veterans and their families will be supported by the Government,” Minister Keogh said.
“We are committed to delivering a package of practical support measures that will improve the welfare and wellbeing of veterans and their families, building on the services already available.
The new pension rates for veterans are available on the DVA website and the full list of rates can be found on the Department of Social Services website.