Australia Increases Social Security Payments for Five Million Citizens

The Australian government will increase social security payments starting September 20, providing a fortnightly cash boost to more than five million citizens. This indexation, which occurs twice yearly to align with the Consumer Price Index, will raise the maximum Jobseeker Payment for single recipients without children by $16.20 to $833.70 per fortnight.

Pensioners will receive increases of $36.80 for singles and $55.60 for couples, while Parenting Payments will rise by $20.90 for singles and $14.80 for partnered recipients. Social Services Minister Tanya Plibersek stated that the extra support would help Australians on income support make ends meet, specifically regarding rent, food, and everyday bills.

Additionally, the government accepted a recommendation from the Australian Government Actuary to lift deeming rates used for means-testing financial assets. New rates will be 1.75 per cent for assets up to $66,800 for singles and $110,600 for couples, increasing to 3.75 per cent for assets above those thresholds.