Almost five million Australians are set to see their social security payments rixjmtzywse, but Labor claims the federal overnment’s announcement is all spin.
With average petrol prices surging to $2.20 per litre in some capital cities, a flow-on inflation effect is expected to cause prices of other key goods to spike.
From next Monday, pensioners will see a 2.1 per cent increase in their payments.
Recipients of an age pension, disability support pension and carer payments will from next week receive an extra $20.10 a fortnight for singles to $987.60, while couples rates will increase by $30.20 a fortnight to $1488.80.
Social Services Minister Anne Ruston said the 2.1 per cent increase to pension payments was the largest since 2013.
“This is putting money in the pockets of all Australians who rely on our social security system and, in particular, older Australians.”
Senator Ruston said specific calculations had been made that took into account the actual expenses of senior Australians.
“It gives us a higher weighting to fuel and transport costs in recognition of their significance to pensioners, which helps ensure the rate of the age pension maintains senior Australians’ purchasing power in the economy,” she said.
But Opposition Leader Anthony Albanese rubbished the minister’s claim, saying the meagre rise would not keep pace with the rising cost of living.
“This government is so out of touch that they’re prepared to spin out there saying how well pensioners are going to be off,” he told reporters in Townsville.
“When they get to the supermarket to buy products they find that everything‘s gone up.
“The rise in the pension will not keep up with the costs of living. Pensioners are doing it really tough at the moment.”
He also pointed out the government failed to acknowledge the 2013 rise occurred under a Labor government.
“Remind me again what happened in 2013? We were in government,” Mr Abanese said.
Asset test limits have also been increased to allow more senior Australians access to a part pension. The asset limit for a single homeowner has been boosted by $6750 to $599,750 and for a couple it’s increased by $10,000 to $901,500.
Meanwhile, childless single Jobseeker recipients will benefit from a $13.20 rise to $629.50, while Parenting Payment Singles recipients will receive an extra $18.20 to $874.10.
Fortnightly maximum rent assistance will increase to $145.80 for singles and up to $193.62 for families.
