Millions of Australians receiving social security payments are set to see an increase in their fortnightly income starting September 20, as a result of the latest indexation adjustments. The changes are expected to provide an additional $4 billion in cost-of-living relief to over 5.3 million individuals.
For pensioners, the maximum fortnightly rate for single Australians will increase by $36.80 to $1,237.70. Couples will collectively see a rise of $55.60, bringing their combined maximum fortnightly payment to $1,866. According to Minister for Social Services Tanya Plibersek, these rates are now 25 percent higher than when the current government took office.
Recipients of the JobSeeker Payment will also experience an increase. The maximum fortnightly rate for a single individual without children will rise by $16.20 to $833.70, an amount that totals over $4,700 more per year compared to 2022 figures.
Parenting Payment recipients are also included in the update. Single recipients will see their maximum fortnightly rate increase by $20.90 to $1,087.20, while partnered recipients will receive an additional $14.80 each fortnight, bringing their combined maximum to $763.
Furthermore, nearly one million renters will benefit from higher rates of Commonwealth Rent Assistance. The maximum rates for this assistance have increased by approximately 53 percent since 2022.
In addition to the payment rate adjustments, the government has accepted the Australian Government Actuary's recommendation to update social security deeming rates. Effective September 20, the deeming rate for financial assets up to $66,800 for singles will be set at 1.75 percent. For couples, the threshold for this rate is $110,600, with assets above this amount subject to a 3.75 percent deeming rate.
"Whether it's paying the rent, putting food on the table or covering everyday bills, this extra support will help Australians on income support make ends meet," Plibersek stated. "We'll continue to make sure the system is there to support those who need it most, ensuring that everyone can make ends meet and no one gets left behind."