As of October 2024, Centrelink is set to implement several key payment increases to support Australians amidst rising living costs and inflation. The increase in various payments reflects the Australian government’s ongoing commitment to helping individuals and families cope with financial challenges, especially for pensioners, families with children, and those receiving unemployment or disability benefits.
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Below is a detailed overview of the payments that are set to increase in October 2024.
Pension Payment Increases
One of the biggest adjustments will be for pensioners, as Age Pension, Disability Support Pension (DSP), and Carer Payment recipients will see increases to their payments.
1. Age Pension and Disability Support Pension (DSP)
- New Payment Rates:
- Singles: Pensioners receiving the Age Pension or DSP can expect their fortnightly payments to increase by approximately $32.00. The new maximum rate for singles will be around $1,096.00.
- Couples: For couples, the combined increase will be $48.00, with the new combined rate for both partners rising to $1,650.00 per fortnight.
This increase comes as part of the regular indexation to reflect inflation and the cost of living, ensuring pensioners maintain purchasing power as living expenses rise.
2. Carer Payment
Carer Payment recipients will also see an increase in October 2024. The rise aligns with the increases applied to the Age Pension and Disability Support Pension.
- New Payment Rate: Carers will receive up to $1,096.00 per fortnight for singles, in line with other pension payments.
Family Payments: Family Tax Benefit Increase
Families receiving Family Tax Benefit (FTB) will also see a small increase in their payments.
1. Family Tax Benefit Part A
- New Payment Rate: The maximum fortnightly rate for each child aged under 13 will increase to $212.15. For children aged 13 to 19, the rate will rise to $265.10.
2. Family Tax Benefit Part B
- New Payment Rate: The maximum fortnightly rate for families will increase to $169.94 if the youngest child is under 5 years of age and $118.90 if the youngest child is aged 5 to 18.
This increase is designed to provide additional financial support to families with dependent children, helping them cover essential costs such as school expenses, childcare, and everyday living costs.
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JobSeeker and Youth Allowance Payment Increase
Recipients of unemployment benefits and Youth Allowance will also see increases to their payments in October 2024.
1. JobSeeker Payment
- New Payment Rate: The JobSeeker Payment for singles without children will rise by $56.10, bringing the new rate to $749.20 per fortnight. Individuals with dependent children or those over 60 years of age will see slightly higher increases.
2. Youth Allowance
- New Payment Rate: Youth Allowance rates will also increase, with young people under 18 receiving $305.00 per fortnight. For those living away from home, the new maximum rate will be around $567.00.
Commonwealth Rent Assistance Increase
Rent Assistance will also be subject to an increase in October 2024, benefiting pensioners, families, and individuals who receive income support and need help covering rental costs.
- New Payment Rate: The maximum rate for Rent Assistance will increase by $17.60, taking it to a maximum of $185.60 per fortnight for singles or couples without children.
The increases in Centrelink payments coming in October 2024 will provide much-needed relief to millions of Australians, especially pensioners, families with children, and those receiving unemployment benefits. These adjustments ensure that individuals and families can keep up with the rising cost of living while maintaining their financial stability.
To check if you are eligible for these payments and confirm the exact amounts you will receive, visit your myGov account or contact Centrelink directly for further assistance.