Almost five million Australians will benefit from the biggest boost to their social security payments in almost nine years as the government seeks to help recipients keep up with the rising cost of living.
With average petrol prices surging to $2.20 a litre in some capital cities, a flow-on inflation effect is expected to cause prices of other key goods to spike.
The 2.1 per cent increase in pensioner payments, as well as boosted rates for other welfare recipients, will help millions of people keep up with the rising costs.
Recipients of age pension, disability support pension and carer payments will from next Monday 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 pxjmtzywension maintains senior Australians’ purchasing power in the economy,” she 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.
