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Pensioner and JobSeeker payments to rise as living costs soar

By Jon Bragg

March 15 2022
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Pensioner and JobSeeker payments to rise as living costs soar

By Jon Bragg
March 15 2022

The government said the boost to social security payments is aimed to help individuals keep up with cost of living.

Pensioner and JobSeeker payments to rise as living costs soar

By Jon Bragg

March 15 2022
Share

The government said the boost to social security payments is aimed to help individuals keep up with cost of living.

The federal government has announced that Australian pensioners will begin receiving an additional $20 per fortnight from next week in line with rising inflation.

Nearly five million individuals will benefit from the higher payments, according to the government, including recipients of the age pension, disability support pension and carer payment who will receive an extra 2.1 per cent as a result of indexation.

The Australian Bureau of Statistics (ABS) previously reported that the consumer price index (CPI) rose by 0.8 per cent during the September quarter and a further 1.3 per cent in the December quarter.

For single pensioners, the payment will lift by $20.10 to $987.60 a fortnight, while couples will receive a combined payment of $1,488.80 per fortnight, up by $30.20.

In a statement, Social Services Minister Anne Ruston described indexation as an integral part of the social security safety net that allowed individuals receiving pension and jobseeker payments to maintain their purchasing power within the economy.

“This is putting money in the pockets of all Australians who rely on our social security system and, in particular, older Australians,” she said.

Asset test limits have also been increased to allow more seniors to access a part pension, including a $6,750 rise to $599,750 for single homeowners and a boost of $10,000 to $901,500 for homeowner couples.

Meanwhile, the basic rate of JobSeeker will rise by $13.20 to $629.50 for singles without children and the parenting payment single will increase by $18.10 to $874.10 including the pension supplement and energy supplement.

The maximum fortnightly rate of rent assistance will also see a small boost, rising by $3 for singles with no children ($145.80), $3.50 for families with up to two children ($171.50) and by $3.92 for families with three or more children ($193.62).

Since 2013, the government said that payments to single pensions had risen by $179.20 per fortnight while the basic rate of JobSeeker had increased by $145.70 for a single person without children.

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