Millions of Australians are set to benefit from the biggest increase in payments in nearly ten years.
Millions of Australians will start the new year with more money in their pockets, after several increases in government payments.
Recipients of youth, student and carer allowances will benefit from an increase in their payments from January 1 after raising the indexation rate to 3.5 percent – the highest since 2012.
Young people on the youth allowance will be increased by $17.90 per fortnight to $537.40, while those over 18 will receive an increase of $12.40, bringing their fortnightly payment to $371.60.
Older students in the study will also receive an incentive of $17.90 fortnightly, bringing those payments to $537.40.
Single parents with children will receive an additional $23 per fortnight, making those payments $688.20 every two weeks.
Carer Allowance payments will increase from $4.60 to $136.50 each fortnight.
Back in September, payments for a single age pension were increased from $14.80 to $967.50 per fortnight, while couples would receive an additional $22.40.
Social Services Minister Anne Ruston said a twice-yearly adjustment of government payments would keep people in the Social Security safety net.
“It’s putting power in the pockets of Australians who rely on our social security system and ensuring they maintain their purchasing power,” she said last week.
“Indexation for many of these payments builds on a sustainable increase of $50 per fortnight at the rate of a series of income support payments we made in April.”