From the 20th March some Centrelink payments will increase by approximately 3.7% to provide a small amount of relief to Australians receiving these benefits. While the jury is still out on whether these increases are enough, they come as part of routine indexation that happens biannually (in March and September each year).
The following payments will see an increase:
- Age pension
- Disability support pension
- Carer payment
- JobSeeker
- ABSTUDY
- Parenting payment (single parent)
How much will my payment increase?
The fortnightly payment for singles in receipt of the age pension, disability support pension and carer payment will increase from $1,026.50 to $1,064, that is a rise of $37.50.
For couples, the fortnightly payments will increase from $1547.60 combined to $1,604 combined, a rise of $56.40.
ABSTUDY and JobSeeker (age 22 and over) will increase from $668.60 to $693.10 a fortnight, a rise of $24.10.
For those on ABSTUDY or JobSeeker who are over 60 or have a dependent child their payment will increase from $718.60 to $745.20 a fortnight, a rise of $26.60.
Couples receiving ABSTUDY will see a rise of $22.50 per person per fortnight, increasing from $608.70 each to $631.20 each.
The parenting payment for a single parent will rise from $927.40 to $961.30 per fortnight, an increase of $33.90.
Partnered parents receiving the payment will see an increase of $22.50 per person, with the current amount of $616.60 rising to $639.10 per person.
If you are already receiving any of these payments you do not need to do anything, the updated amounts will arrive in your bank account automatically. As always, it’s a good idea to make sure all your details are up-to-date with Centrelink to ensure you are receiving any benefits you are entitled to.
If your situation has changed or you need to review your budget, get in contact today on (03) 5229 0577.
https://www.servicesaustralia.gov.au/pensions-are-increasing-from-20-march-2023
