5.3 Million Australians Set for Centrelink Cash Boost From September 20
Synopsis
More than 5.3 million Australians will receive higher Centrelink payments from September 20, with $4 billion in extra support flowing to pensioners, JobSeeker recipients and others.
More than 5.3 million Australians will benefit from the cash boost to Centrelink payments from September 20 with increased rates of payment under the latest social security indexation.
The federal government estimates that the increase will contribute an additional four billion to the cost of living for pensioners, job seekers, families, students, and renters.
The cash boost will see increases to Age Pension, JobSeeker, Youth Allowance, Parenting Payment, ABSTUDY, and Commonwealth Rent Assistance.
The maximum single payment for Age Pensioners will increase by $36.80, to $1,237.70 per fortnight, while couples will see their combined maximum payment increase $55.60 to $1,866.
JobSeeker and rent support also increase
The maximum JobSeeker payment for a single person without dependents will increase by $16.20 to $833.70 per fortnight with the cash boost.
The rate will increase $17.30 to $892.80 for single JobSeeker recipients with child dependants. The rate for the partnership will go up $14.80 to $763 per person.
Around one million renters will also see their commonwealth rent assistance payments increase. The highest weekly rate for a single person without dependents will increase by $4.40 to $223.80 per fortnight.
The rates of Parenting Payment will also rise, from $1087.20 a fortnight for single parents to $763 for partnered parents.
The Youth Allowance rate will also be changed from 20th September, depending on the circumstances, with rates also to be adjusted for ABSTUDY recipients.
Deeming rates change alongside payment increases
Social security deeming rates are also being increased with the cash boost from Centrelink. The rates are used to estimate the income from financial assets in the calculation of government pensions and payments.
The lower deeming rate for financial assets will increase from 1.25 per cent to 1.75 per cent for assets of up to $66,800 per person (110,600 per couple) from Sept 20.
The above-threshold assets will be subject to an increased rate from 3.25 per cent to 3.75 per cent. The rates and means test thresholds are periodically adjusted by legislation, and the Department of Social Services will release updated figures.
The changes to the deeming rates and means test impact families’ budgets. They affect millions of Australians who receive a range of social security payments. The September boost to Centrelink payments is not a stand-alone policy measure but part of the social security indexation process.
Source: Yahoo Finance
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
