As the cost of living in Australia continues to rise, the federal government is taking action to provide financial relief to 4.7 million Australians. On March 20, those receiving the Age Pension, the Disability Support Pension and the Carer Payment will receive increased payment amounts to help them cope with the increased cost of living.
The Australian Bureau of Statistics (ABS) released figures earlier this month showing households in Australia spent an average of 11.2% more in December 2022 than in the same month the previous year. This is a significant increase and the government is responding to the need to provide additional support to those on social security payments.
Single recipients of the Age Pension, the Disability Support Pension, and the Carer Payment will receive an increase of $37.50 per fortnight. This increase is designed to help individuals cope with the increased cost of living. Couples receiving the same three payments will receive an increase of $56.40 per fortnight, or $28.20 per person.
The increased payments are intended to provide additional financial assistance to those who may be struggling in the current environment. The government hopes that the increased payments will help recipients to pay for essentials such as food, rent, and utilities.
Single and couples pensioners over the age of 22 who do not have children and are receiving the Single Jobseeker payment or the ABSTUDY payment will have their fortnightly rate increased to $1064 and $1604 respectively, inclusive of the Pension Supplement and Energy Supplement, with an additional $27.40 per fortnight.
A cash boost of $45 per fortnight will be provided to both members of a couple receiving Jobseeker or ABSTUDY payments, bringing the total payment amount to $639.10 each.
People who are single and do not have children and receive Commonwealth Rent Assistance can expect to see their fortnightly allowance rise by $5.60.
Minister Amanda Rishworth affirmed the federal government is doing its utmost to assist Australians who are struggling financially.
“We want to put more money in the pockets of everyday Australians to help them better afford essentials, which is why Australia’s social security system exists to support our most vulnerable citizens,” she said.
Parents who are single and receive the Parenting Payment will be provided with an extra $33.90 every two weeks, and this amount increases to $967.90 when the Pension Supplement, Pharmaceutical Allowance, and Energy Supplement are added.
