The Federal Government has announced the largest indexation increase to pensions in 12 years, while other welfare payments will see the highest rise in more than three decades.
From September 20, the aged pension, disability support pension and carer payment will increase by $38.90 per fortnight for singles, and $58.80 for couples.
Minister for Social Services Amanda Rishworth said the Albanese government wanted to ensure"a strong social security safety net to protect our most disadvantaged” as cost of living pressures intensify. The Reserve Bank is expected to lift the cash rate 2.35 per cent with further rate hikes flagged in the coming months.
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