Millions of Australians receiving Centrelink payments will see a small increase in just one week. The government adjusts these payments twice each year based on inflation rates to help recipients manage rising living costs. Starting February 20 people who receive JobSeeker, ABSTUDY, Parenting Payment, Commonwealth Rent Assistance the Disability Support Pension, Carer Payment and the Age Pension will notice higher amounts in their fortnightly payments. Social Services Minister Tanya Plibersek explained that this adjustment will help people pay for daily expenses such as groceries and healthcare.
“The social security system needs to be based on fairness and that is why we change the support programs when the economy shifts” she said. “We will keep making sure the system helps the people who need it the most so everyone can pay their bills and nobody is forgotten.”
Centrelink Payment Increases on February 20
Recipients of various Centrelink payments will receive higher fortnightly payment amounts. Age Pension recipients will see their maximum payment increase to $1178.70 which is $29.70 more than before. This amount includes the Pension Supplement and Energy Supplement. Partnered pensions will increase to $888.50 each which is $22.40 more than the previous rate.
JobSeeker payments will go up to $793.60 every two weeks for single people aged 22 or older who do not have children. This is an increase of $12.50. For people with partners the JobSeeker rate will increase to $726.50 each. This represents a rise of $11.40. People receiving ABSTUDY who are 22 years old or older will get $793.60 in their payments. This amount is $12.50 more than before.
Changes in Other Payments and Concessions
Other payments will also get bigger. The maximum Parenting Payment will go up to $1,039.70 which is $16.20 more than before. The partnered rate will increase to $734.30. Youth Allowance will rise by more than $16 so single people will get $1027.70 each fortnight instead of $1,011.50.
Commonwealth Rent Assistance rates will go up slightly. Single people will receive an increase of $3.40 bringing their payment to $215.40. Couples will see their rate rise from $199.80 to $203.00.
Additional Changes to Age Pension and Deeming Rates
The government is raising payment rates and will also unfreeze deeming rates for the first time in ten years. Deeming rates will increase to 0.75% and 2.75% for the first time since 2020. This change is expected to affect the Age Pension & other income thresholds. The income and asset thresholds for the Age Pension will also increase substantially. The income threshold for single people will rise to $2,575.40 while couples will see their cut-off increase to $3934.
Single homeowners will now have an asset limit of $714,500 & non-homeowners can have up to $972,500. Couples who own homes face a threshold of $1074000 while couples without homes have a limit of $1,332,000.
Summary of Key Changes
In summary Centrelink payments will increase significantly on February 20 & bring much-needed relief to Australians receiving social security benefits. These changes ensure that recipients can better manage everyday costs like healthcare and groceries during times of rising inflation. The adjustments to deeming rates & income thresholds will benefit those on the Age Pension and other payments so that no one is left behind in these challenging times.
| Payment Type | New Fortnightly Payment | Increase Amount |
|---|---|---|
| Age Pension | $1,178.70 | $29.70 |
| JobSeeker | $793.60 | $12.50 |
| ABSTUDY | $793.60 | $12.50 |
| Parenting Payment | $1,039.70 | $16.20 |
| Youth Allowance | $1,027.70 | $16.20 |
| Commonwealth Rent Assistance (single) | $215.40 | $3.40 |
