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Increases in Age Pension, Disability Support Pension, Carer Payment and Jobseeker Payment payments to help keep up with the cost of living
40,299 people in Monash will benefit from a boost to their social security payments from 20 March to help them keep up with the changes in the cost of living.
Age Pension, Disability Support Pension and Carer Payment rates will increase by $20.10 a fortnight for singles to $987.60 and by $30.20 a fortnight for couples combined to $1,488.80. In addition, asset test limits have been increased which will allow more senior Australians to access a part pension. For example, the asset limit for single homeowners has been boosted by $6,750 to $599,750 and homeowner couples by $10,000 to $901,500.
More than 5 million pensioners and other payment recipients also received an additional $2000 in Economic Support Payments throughout the pandemic
Power within the economy
Since March 2013, the rate for single pensioners has increased by $179.20 a fortnight, while the rate for pensioner couples combined has increased by $270 a fortnight.
The basic rate of Jobseeker Payment will increase by $13.20 to $629.50 for singles without children while Parenting Payment Single will increase by $18.10 to $874.10 including Pension Supplement and Energy Supplement.
Minister for Families and Social Services Anne Ruston said indexation was an integral part of our social security safety net and ensured pensioners and jobseekers maintained their purchasing power within the economy.
Member for Monash Russell Broadbent said pensioners in Monash will see a 2.1 per cent increase to their payments - the largest increase since 2013. This is putting money in the pockets of almost 5 million Australians who rely on our social security system and, in particular, older Australians," Mr Broadbent said.
The fortnightly maximum rate of Rent Assistance will also increase to $145.80 for single recipients with no children, $171.50 for families with up to two children and $193.62 for families with three or more children. Full details of new rates and thresholds are available at the Department of Social Services website.
Pictures from Russell Broadbent MP website.
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