Pension, JobSeeker and parenting payments set for $4bn increase
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Millions of Australians will receive higher government payments from September, as fresh inflation data increases concerns about further interest rate rises.
Around 5.3 million Australians will benefit from the twice-yearly increase to pensions, JobSeeker, Youth Allowance, rent assistance and parenting payments.
The new rates take effect from September 20.
Single pension: rises by $36.80 to $1,237.70 per fortnight
Couple pension: rises by $55.60 to $1,866 per fortnight
Single JobSeeker recipient without children: rises by $16.20 to $833.70
Single parenting payment: rises by $20.90 to $1,087.20
Partnered parenting payment: rises by $14.80 to $763 each
The increases will add around $4 billion to government payments.
However, recipients will also face higher deeming rates from September. These rates are used to estimate income earned from financial assets such as savings and investments.
The rate will increase from 1.25 per cent to 1.75 per cent on financial assets up to $66,800 for singles and $110,600 for couples. Assets above those limits will be assessed at 3.75 per cent.
Meanwhile, inflation remains a major concern. Higher-than-expected figures have increased the possibility of another interest rate rise, potentially adding further pressure to household budgets.
Australians will also pay more for postage from September 1, when the standard stamp price rises by 15 cents to $1.85.
Stay tuned with Aus News Lanka – the leading platform for news for Australians.
Source : News.com
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