More than 3.7 million Australians will be better off from today, following increases to the Age Pension, Disability Support Pension, and other payments and allowances.
“This is good news for the 2.5 million Australians who receive the Age Pension,” the Minister for Social Services, Christian Porter said. “Single pensioners will receive $6.90 more a fortnight, which equates to nearly $180 a year. Couples will receive an extra $10.40 a fortnight, or about $270 a year.”
Nearly one million allowance recipients will also get an increase in their Newstart Allowance, Parenting Payment Partnered, Widow Allowance, Partner Allowance, and Sickness Allowance.
“Single people without children will see their payments rise by $4.20 to about $536 a fortnight, while payments for partnered recipients will rise by $3.80 each to around $484 a fortnight.
“Parenting Payment single recipients will receive an extra $5.90, bringing their payment to almost $750 a fortnight.
“The Commonwealth Government is committed to ensuring our welfare system looks after those who need it most, while staying sustainable well into the future.
“We know that every dollar counts for people on these payments, and I’m pleased to deliver these increases.”
Adult rates of pensions and allowances are adjusted twice a year, in March and September. Pension increases are linked to prices and wages while allowance increases are linked to the Consumer Price Index.
Since the Coalition came to government, the Age Pension has been increased six times.
Pensions are adjusted using whichever of the two measures, the Pensioner and Beneficiary Living Cost Index or the Consumer Price Index, produces the higher result. That result is then compared with a Male Total Average Weekly Earnings benchmark. If this benchmark gives a higher pension increase, then the benchmark is used to adjust pensions.
Rent Assistance and other supplementary payments have also been increased due to these indexation adjustments.
Full details of all rates and thresholds indexed today can be found at www.dss.gov.au/about-the-department/benefits-payments
This information comes from a media release from the Hon Christian Porter, the Minister for Social Services.
20 March 2016