More than 4.7 million Australians will receive a cash boost for social security payments to help them deal with the rising cost of living from Monday.
Australian households spent an average of 11.2 per cent more in December 2022 than in the same month a year earlier, according to ABS figures.
The changes will take effect on March 20.
$37.50 per two-week increase will be allocated to individuals receiving one of three payments including Old Age Pension, Disability Support Pension, and Carer’s Payment.
The second largest increase of $56.40 for the fortnight will go to couples on the same three payments or the equivalent of $28.20 per person in a couple.
The maximum pension rate will increase semi-monthly to $1,064 for individuals and $1,604 for couples, including the pension supplement and energy supplement.
People over the age of 22 without children who receive a Job Seeker Payment or ABSTUDY Payment will receive $27.40 for every two weeks increase.
This will bring their payments to $701.90 in two weeks.
Each spouse receiving a Job Seeker Payment or ABSTUDY will receive a cash payment of $45 per fortnight, which will bring each person’s total payment to $639.10.
Social Services Minister Amanda Rishworth said the federal government was doing what it could to support Australians who were “feeling upset”.
“The Australian social security system exists to support our most vulnerable citizens,” she said.
“We want more money in the pockets of ordinary Australians so they can better buy necessities.”
Single parents receiving parenting payments will get an additional $33.90 every two weeks, with the price increasing to $967.90 including the pension supplement, drug allowance, and energy supplements.
Single people without children who receive rent assistance from the Commonwealth can expect an increase of $5.60 to $157.20 per fortnight.
People with up to two children will get an increase of $6.58 to $184.94 per fortnight for rent assistance.
Those with three or more children can get a maximum of $208.74 per fortnight, an increase of $7.42.
Social Security payments are indexed twice each year to keep up with the rising cost of living.
It will be indexed again on September 20th.
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