To counteract the rising cost of living, millions of Australians on Centrelink are receiving the largest cash increase in 30 years – here’s how much you may receive. Centrelink allowances will receive the largest increase in 30 years to combat inflation.
Pension will also receive the highest increase in indexation in 12 years to assist the elderly. Despite the welfare hike, Treasurer Jim Chalmers acknowledged that living will still be “difficult.”
To assist clients with growing costs of living, Centrelink payments will get their largest boost in thirty years.
Jobseeker beneficiaries aged over 22 and who do not have children will get another $25.70 a fortnight, while couples will be paid an extra $23.40 starting September 20.
The Parenting Payment will also increase, with an increase of $35.20 per week for singles and $23.40 per fortnight for couples.
It is the largest increase for allowances in thirty years, and pension indexation will receive its largest increase in twelve years.
As inflation continues to rise, with the current rate at 6.1% and anticipated to reach 7.75% by the end of the year, the hike will benefit around 4.7million individuals.
To assist clients with growing living expenses, Centrelink payments will get their largest boost in thirty years.
Under the government of Anthony Albanese, Centrelink allowances and pensions will be substantially increased.
Age and Disability Support Pensions and Carer Payment will increase significantly, with singles receiving $38.90 and couples receiving $58.80 more per week.
The maximum pension rate will increase, with singles receiving $1,026.50 per two weeks and couples receiving $1,547.60 per two weeks.
The hikes, according to Treasurer Jim Chalmers, are necessary to alleviate cost-of-living challenges.
He stated, “This is why they are indexed twice a year, and every little bit helps.”
This month’s indexation will be very large because inflation is exceptionally hard.
In the June quarter, the consumer price index rose at the fastest rate since the middle of 2001, with prices continuing to rise for the average Australian.
A tight rental vacancy market and increasing energy prices led to a nine percent increase in housing costs from June 30, 2017 to June 30, 2018.
The cost of transportation climbed by 13.1%, while food prices rose by 5.9%.
Mr. Chalmers acknowledged that “things will still be challenging” for many individuals.
“And we recognize that it won’t fix every problem for everyone, but it’s crucial that we strive to ensure that those payments are made on time,” he said.
This is what indexation is all about. It will be welcomed despite the fact that many people will continue to face difficult circumstances.’
Environment and water minister Tanya Plibersek described the increase as further excellent news for retirees after it was disclosed at last week’s Jobs Summit that they could earn an additional $4,000 without affecting their Centrelink payments.
Treasurer Jim Chalmers stated that the hikes were necessary to alleviate cost-of-living strains (pictured, Centrelink queue)
Centrelink payment boost
Centrelink allowances will receive their largest increase in 30 years, while pension indexation will see its largest increase in 12 years.
Below is a list of the upcoming fortnightly payment increases:
Age and Disability Support Pension and Caregiver Allowance
Singles: $38.90 ($1,026.50)
Couples: $58.80 ($1547.60)
Jobseeker
Singles: $25.70 ($677)
Couples: $23.40 ($616.60)
Parental Allowance
Singles: $35.20 ($927.40)
Couples: $23.40 ($616.60)
It means that they can earn some more cash on the side. It is also vital for the economy, as there are skill shortages in so many areas,’ she told Sunrise.
If people are able to return to the workforce and alleviate some of the skills shortages, this is also beneficial for employers.
Edwina MacDonald, acting chief executive of the Australian Council of Social Service, stated that additional money was required to assist clients.
She said, ‘It’s a drop in the ocean at this time, and while non-discretionary inflation is higher than the CPI, they are still falling behind in terms of what they can afford to buy.’
Currently, jobseeker is at $46 per day, youth allowance is at $38 per day, and we need to raise them to at least $70 per day to reach the poverty line.
When the temporary fuel excise freeze expires on September 29, the cost of living is anticipated to soar significantly.
Mr. Chalmers has ruled out a continuation of the tax cut enacted by former prime minister Scott Morrison.
Australian motorists will pay an additional $15 to fill a 60-litre tank at the pump by the end of the month, as the price of petrol is set to rise.
He stated, “It would be too costly to continue this gasoline price reduction continuously.”
“I believe Australians are aware that we inherited a budget laden with a trillion dollars in Liberal Party debt, which necessitates some painful decisions, including this one,” he said.
Barnaby Joyce, a member of the Nationals, stated that the repeal of the fuel excise would impose additional hardship on households already struggling to make ends meet.
‘Well, we’re seeing a lot of cost of living pressures, and we know that at the end of the month the gasoline excise will be repealed, so a lot of those increases will be absorbed by just one item – fuel rises,’ he said.
We are aware that it is an inflationary period and that interest rates will also rise; as a result, genuine demands are being placed on individuals, who must be supported unless you want them to live in poverty.
WHY WILL FUEL PRICES INCREASE?
The government will discontinue its fuel tax relief scheme, which reduced fuel excise from 44c to 22c, on September 29.
The 50 percent reduction cost taxpayers $3 billion.
As a result of Russia’s brutal invasion of Ukraine, the fuel relief scheme was created in March to help battle the expense of living issue caused by the soaring price of gasoline.
But the six-month period will shortly expire, and the government of Anthony Albanese is planning to increase the tax rate once more.
Families who fill up two vehicles weekly will incur an additional $30 per week, or $700 over six months.