September 2nd 2024.
In less than two weeks, over five million individuals will experience a welcomed increase in their income. This is due to the government's decision to boost support payments, such as pensions and rent assistance, through indexation on September 20.
The rise in these payments, including age pensions, disability support pensions, and carer payments, aims to provide some much-needed relief from the rising costs of living. Additionally, the Commonwealth Rent Assistance will see a 10% increase, further assisting those struggling to make ends meet.
Single-aged pensioners can expect an extra $28.10 each fortnight, while couples will receive an increase of $42.20. For those on the Disability Support Pension and Carer Payment, the total amount will now be $1114.40 for singles and $862.60 for each member of a couple, which includes the energy supplement.
As previously announced in the last budget, the Commonwealth Rent Assistance will also have yearly indexation applied on top of the September 10 increase. This means that singles without children who are renting on their own will receive an additional $23 per fortnight if they are currently receiving the maximum Rent Assistance rate. Families with one or two children will see their payment increase by $27.02.
Furthermore, JobSeeker recipients will also see a rise in their payments, with a single person without children receiving an extra $15.30 per fortnight. Those with an assessed partial capacity to work of 0 to 14 hours per week will also move to a higher rate of JobSeeker, resulting in an increase of $71.20 every fortnight.
It's not just those on pensions and support payments who will benefit from this indexation. Parenting Payment Single recipients will also see a boost in their fortnightly payments, with an increase of $19.80, bringing the total to $1026.30.
Minister for Social Services, Amanda Rishworth, expressed the government's commitment to provide relief from the cost of living. She acknowledged that many Australians are still struggling with these pressures and stated that the indexation, along with the budget measures, will result in a 45% increase in maximum rates of Commonwealth Rent Assistance since the Albanese Government was elected.
This timely indexation will provide much-needed financial support for vulnerable individuals and families, helping them cover essential everyday expenses. For a full list of payments that will increase later this month, please refer to the link provided.
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