Millions Of Australians Set For Financial Boost
More than five million Australians receiving social security payments will soon have more money in their pockets with the latest round of indexation hitting bank accounts this month.
Pensions, certain payments and Commonwealth Rent Assistance will all increase on March 20.
This additional cash boost would be at risk under Peter Dutton, with regular indexation part of the Coalition’s $350 billion of cuts.
Under the Albanese Labor Government, from March 20, a single pensioner will be receiving more than $3913 additional per year as a result of our Government passing on indexation over the past three years.
Pensioner couples will be receiving $5902 additional per year (combined).
Labor’s increases to Commonwealth Rent Assistance, combined with indexation, have also resulted in around one million Australian households receiving between $44.13 and $87.92 more per fortnight for those on the maximum rate, depending on their individual circumstances. That’s an increase of more than 45 per cent since we first came to Government.
JobSeeker recipients will be between $3374 and $5038 per year better off as a result of indexation and Labor’s changes to the payment over the past three years and single parents – mostly women – benefiting from our changes to Single Parenting Payment will be at least $7579 better off annually.
Minister for Social Services Amanda Rishworth, said the Albanese Labor Government is determined to help Australians with cost-of-living pressures – unlike Peter Dutton who will slash these payments.
“We’ve spent the past three years strengthening our social security system, so that it helps Australians at whatever age or stage they’re at in life,” Minister Rishworth said.
“Indexation is a critical part of our social security safety net. For pensioners and other payment recipients receiving this financial boost, this will help ease some pressure.”
From March 20 the maximum single rate of pension for those on the Age Pension, Disability Support Pension and Carer Payment will increase by $4.60 to $1149.00 a fortnight.
For couples the maximum rate of pension will increase by $7 a fortnight to $866.10 a fortnight for each member of a pensioner couple or to $1732.20 for a couple combined.
Both rates include Pension Supplement and Energy Supplement.
JobSeeker Payment, Special Benefit (adult), ABSTUDY (aged 22 and over) and Parenting Payment recipients will also benefit from increases to their payments.
Parenting Payment Single recipients will see an additional $4 a fortnight, bringing their total fortnightly payment to $1030.30, including Pension Supplement, Pharmaceutical Allowance and Energy Supplement.
For a single recipient of JobSeeker Payment aged 22 and over without children, indexation will deliver a $3.10 increase, bringing their total fortnightly payment to $789.90 (including Energy Supplement).
Each member of a couple on JobSeeker Payment, ABSTUDY (aged 22 and over) or Parenting Payment Partnered will benefit from an additional $2.80 per fortnight, with the fortnightly rate increasing to $723, including Energy Supplement.
These indexation increases build on the Albanese Labor Government’s $11.5 billion investment in Australia’s social safety net in the 2023-24 and 2024-25 Budgets. This includes our changes to the Carer Payment, to give recipients more flexibility to work, study or volunteer without losing their payment, which will also commence from 20 March 2025.
The complete list of payments increasing on 20 March 2025, including income and asset limits, can be found on the Department of Social Services website.
https://ministers.dss.gov.au/media-releases/17876