More than five million Australians are set to get a cash boost at the end of the week as Services Australia payments are indexed on top of additional increases to Rent Assistance payments.
The indexation will be applied to a range of pensions and payments including the Age Pension, Disability Support Pension and Carer Payments, Commonwealth Rent Assistance, JobSeeker, and Parenting Payments.
The indexation increases — up to $41.50 a fortnight — will vary based on the payments and will come into effect on Friday, September 20.
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Changes to Rent Assistance and Jobseeker payments will come into effect on the same day, and indexation will be applied on top of those new rates.
Maximum rates of Commonwealth Rent Assistance will be increased by 10 per cent.
Single recipients receiving the maximum rate — who are renting on their own, with no children — will get an extra $23 per fortnight.
In families with one or two children, the Rent Assistance fortnightly payment will increase by $27.02.
Social Services Minister Amanda Rishworth said the indexation increases coupled with its budget measures means Commonwealth Rent Assistance has risen by about 45 per cent since Labor was elected.
“This government recognises that many Australians continue to be directly affected by cost of living pressures,” she said.
“This indexation will deliver timely boosts to people receiving allowance payments and pensions, ensuring that these vulnerable cohorts have more money in their pockets for everyday expenses.”
Australians on JobSeeker payments to benefit from indexation
JobSeeker recipients are also in line for a payment boost.
“Single JobSeeker Payment recipients with an assessed partial capacity to work of zero to 14 hours per week will move to the higher rate of JobSeeker, receiving $849.50 a fortnight,” the Department of Social Services said.
For those recipients moving to a higher rate, the fortnightly payment will increase by $71.20.
But even JobSeeker recipients who are remaining on the lower rate will receive an indexation increase.
Single recipients without children will get a $15.30 boost to their payments, while single recipients with a child in their care will get a $19.80 boost.
Single age pensioners will see an increase of $28.10 to their fortnightly payments, and recipients in a couple will receive a combined $42.40 increase to their payments.
The same increase will apply to the Disability Support Pension and Carer Payment, taking the total per fortnight, including energy supplement, to $1114.40 for singles and $862.60 for each member of a couple.
Single recipients receiving a fortnightly Parenting Payment will also receive a $19.80 increase.
The complete list of payments increasing on Friday can be found on the Department of Social Services website.