More than 4.7 million pension and allowance recipients will receive a boost to their social security payments when indexation of their payments occurs on 20 March 2023.
Recipients of Age Pension, Disability Support Pension and Carer Payment can expect an increase of $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
The maximum fortnightly rate of pension will increase to $1064 for singles and $1604 for couples, including Pension Supplement and Energy Supplement.
JobSeeker Payment and adult ABSTUDY payment rates will also be indexed.
Single JobSeeker Payment and ABSTUDY recipients aged over 22 and without children will receive $701.90 per fortnight including Energy Supplement, reflecting a $24.70 increase.
Each member of a couple in receipt of JobSeeker Payment and ABSTUDY will benefit from an additional $22.50 per fortnight, with the fortnightly rate increasing to $639.10 including Energy Supplement.
Minister for Social Services, Amanda Rishworth, said the Government is doing what they can to support Australians in need.
“Australia’s social security system exists to support our most vulnerable citizens, and we know they are feeling the pinch,” Minister Rishworth said.
“Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials.
“The increase is an important part of the system and helps those doing it toughest.”
Single parents receiving Parenting Payment will also benefit from an additional $33.90 a fortnight, with the rate increasing to $967.90 including the Pension Supplement, Pharmaceutical Allowance, and Energy Supplement.
Single recipients of maximum rate Commonwealth Rent Assistance without children can expect to see a $5.60 increase to $157.20 per fortnight.
Maximum rate Rent Assistance recipients with one or two children will see an increase of $6.58 to $184.94 per fortnight.
Maximum rate recipients with three or more children will receive an increase of $7.42 to $208.74 per fortnight.
Adult rates of allowances and pensions are indexed twice a year to ensure they keep pace with increases in the cost of living. They will next be indexed on 20 September 2023.
Additionally, income and assets limits may change as a result of payment indexation.
More detail regarding March indexation is available on the Department of Social Services website.
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