Pension boost as inflation rises

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Pensioners will see a $20 per fortnight boost to their payments from Sunday as the federal government raises the welfare payment.

Australia’s aged and disability support pensions, along with carer’s payments, will rise from March 20 to cover rising inflation.

The boost means a $20.10 per fortnight increase for individuals to $987.60 and a $30.20 increase for couples combined at $1488.80.

Asset test limits will also be stretched to allow more people to access a part pension, with the cap rising by $6750 to $599,750 for single homeowners.

Homeowner couples will see a $10,000 rise to the asset cap to $901,500.

Almost five million Australians access the three rising payments.

Social Services Minister Anne Ruston says the indexation was “putting money in the pockets of all Australians who rely on our social security system”.

There have been calls to raise the disability support pension by $100 per fortnight to improve living stands, with the soon-to-be $987.60 payment below the national minimum wage of $1545 per fortnight.

Rent assist payments will also rise next week by $3 per fortnight to $145.80 for singles, $3.50 to $171.50 for families with up to two children and $3.92 to $193.62 for families with three kids or more.

The Morrison government is considering other measures to ease cost of living pressures on Australians as post-pandemic economic recovery and the war in Ukraine leads to rising inflation and fuel costs.

 

Finbar O’Mallon
(Australian Associated Press)

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