Millions of Australians on welfare will have their payments boosted by thousands of dollars each year under indexation changes due to kick in.
More than five million recipients, including pensioners, renters, and job seekers will receive increases from March 20.
A single pensioner will pocket an extra $3913 each year, with couples to receive an additional combined $5902.
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People on JobSeeker payments will get an extra $3374 to $5038, with single parents, mainly women, set to be more than $7500 better off annually.
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.
Social Services Minister Amanda Rishworth said the government was helping with cost of living pressures.
“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,” she 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.”
Labor committed $11.5 billion to the nation’s social security system in the 2023/24 and 2024/25 federal budgets.
