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Millions of Aussies are getting a financial boost on Wednesday as Centrelink benefits are indexed, with increases of between $14 and $30 for eligible customers. The increase will help Australians receiving rent assistance, JobSeeker, single parenting, and ABSTUDY payments, as well as people on an age pension, disability support pension and carer payments.
WATCH THE VIDEO ABOVE: RateCity’s Sally Tindall talks about Centrelink boost for millions of Aussies after payments indexed. An extra 77,000 parents will now be on a higher payment rate after eligibility was expanded to cover parents whose youngest child is under 14, instead of under eight, as in the last budget. Appearing on Sunrise on Wednesday, RateCity research director Sally Tindall, said the increases will affect the quality of life of millions of people, amid the nation’s cost-of-living crisis. “Great news for people on those important payments,” Tindall said. “Aged pension, disability support pension, and carer payment all going up by $19.60 a fortnight for singles. This is indexed to CPI. It is going up 1.8 per cent. “It is not a huge boost but for people who rely on those payments, every single dollar counts. “There is a range of payments going up. It is on the social services’ website.” Tindall also spoke about the Reserve Bank of Australia keeping interest rates on hold. “Yesterday, they said the board is not ruling anything in or out,” Tindall said. “But they are getting a lot of comfort in the data they are seeing … which to me says the board is relaxing a little bit.” How much will payments increase? The single parenting payment will go up by $17.50 a fortnight. For partnered parents, individual payments will increase by $12.30 and the income free area will be raised to $1,345 for each person, an increase of $20 per fortnight. Jobseekers with children, or who are older than 55, will receive an increase of $14.40 to their fortnightly payment. Single JobSeeker recipients with no kids, and people older than 22 on ABSTUDY, will get an extra $13.50 per fortnight. Each member of a couple will get an additional $12.30 per fortnight. Maximum payments for rent assistance will only go up between $2.27 and $3.40 depending on the family situation of eligible residents. Those on the age pension, disability support pension and carer payment will receive an extra $19.60 for singles and $29.40 for couples combined each fortnight. The maximum rate of the pension will go up to $1116.30 for singles and $1682.80 for couples each fortnight, when including the pension and energy supplements. Indexation is an important measure to ensure welfare recipients have more money in their pockets, Social Services Minister Amanda Rishworth said. “Our number one priority is addressing inflation and cost of living pressures,” she said. — With AAP
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