Centrelink cash boost coming in weeks for 2.4 million Aussies: ‘More money in bank accounts'
Around 2.4 million Australians will benefit from the latest round of indexation, which will come into effect from July 1. The increase will see a range of rates, thresholds and limits increase by 2.4 per cent.
That includes payment increases for families receiving the Family Tax Benefit A and B, the Multiple Birth Allowance, and the Newborn Supplement. Income and asset thresholds will also be increased for recipients of the Age Pension, Disability Support Pension and Carer Payment.
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Social Services Minister Tanya Plibersek said the government's "number one priority" was addressing cost-of-living pressures.
'From 1 July, millions of recipients of social security payments will see more money in their bank accounts," she said.
'Payments like the Family Tax Benefit help cover the costs of raising children for many Australian families, and indexation is a crucial way to help families when cost of living rises."
Families getting the Family Tax Benefit Part A will see their maximum fortnightly payments go up to $227.36 a fortnight, an increase of $5.32.
For those with children aged 13 or over, the rate will increase to $295.82 a fortnight, which is an increase of $7.
Families receiving the Family Tax Benefit Part B will see their maximum rate increase to $193.34, an increase of $4.48. Families with children aged over 5 will see their rate increase to $134.96.
First-time parents of a newborn child will receive an extra $48 over 13 weeks, with the Newborn Supplement increasing to $2,052.05.
The Multiple Birth Allowance will increase to $196.56 per fortnight for those giving birth to triplets, while payments for quadruplets and more will go up to $261.94 per fortnight.
This round of indexation won't impact payment rates for the Age Pension, JobSeeker, Youth Allowance, the Disability Support Pension or Carer Payment. However, there will be income and asset threshold changes.
Age Pensioners will be able to earn $218 a fortnight, up $6 a fortnight, and still be eligible for the full pension. The maximum amount you can earn before your pension cuts out will increase to $2,516.
For couples, those limits will be $380 per fortnight and $3,844.40 per fortnight for the disqualifying income limit.
Single homeowners will be able to have assets of $321,500 and receive the full pension, while couples will be able to have $481,500.
The cut-off threshold to receive a part pension will increase to $704,500 for single homeowners and $1,059,000 for couple homeowners.
The Paid Parental Leave annual income limits will also increase, with the individual limit increasing to $180,007 per annum and the family limit increasing to $373,094 per annum.
Full details of the new rates and thresholds can be found here.Sign in to access your portfolio
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