Cash boost for 4.7m Aussies

More than 4.7 million Australians will receive a cash boost to their social security payments to help them cope with the soaring cost of living.

Australian households spent an average of 11.2 per cent more in December 2022 than in the same month the previous year, according to ABS figures released earlier this month.

The changes will come into place on March 20.

A $37.50 per fortnight increase will go to singles receiving one of three payments including the Age Pension, the Disability Support Pension and the Carer Payment.

The second largest increase of $56.40 a fortnight will go to couples on the same three payments or the equivalent of $28.20 per person in the couple.

The maximum fortnightly rate of pension will increase to $1064 for singles and $1604 for couples, inclusive of the Pension Supplement and Energy Supplement.

People over the age of 22 and without children who receive the Single Jobseeker payment or the ABSTUDY payment will receive a $27.40 per fortnight increase.

This will bring their payments to $701.90 a fortnight.

Each member of a couple in receipt of Jobseeker or ABSTUDY payments will receive a cash boost of $45 per fortnight, which will bring each person’s total payment to $639.10.

Minister Social Services Amanda Rishworth said the federal government is doing what it can to support Australians who are “feeling the pinch”.

“Australia’s social security system exists to support our most vulnerable citizens,” she said.

“We want more money in the pockets of everyday Australians so they can better afford essentials.”

Single parents receiving a Parenting Payment will get an additional $33.90 a fortnight, with the rate increasing to $967.90 including the Pension Supplement, Pharmaceutical Allowance, and Energy Supplement.

Single people without children who receive Commonwealth Rent Assistance can expect to see a $5.60 increase to $157.20 per fortnight.

People with up to two children will receive an increase of $6.58 to $184.94 per fortnight towards 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 every year to keep pace with the increasing cost of living.

They will be indexed again on 20 September.