Pensions to increase through indexation

8 March 2010 | by Chris Kennedy

Pensions and other income support payments will increase on March 20 through indexation, benefiting around four million Australians, the Government announced.

Pension payments will increase by $29.20 for singles on the maximum rate up to $701.10 per fortnight, and for couples on the maximum rate by $44 per fortnight up to $1,057.

Including increases in September and indexation, this represents a total increase of about $100 per fortnight for singles and $74 for couples.

The parenting payment will also increase by $26.80 per fortnight for singles, adult rates of allowances such as Newstart and supplementary payments will increase by $6.80 per fortnight and rent assistance will also increase.

These increases will also be accompanied by an increase in the income and assets cut out amounts, meaning the amount of income a person can have before losing their benefits also increases.

As a result of increasing rates of return on investments, deeming rate, which are used to assess income from financial investments, will increase from 2 per cent to 3 per cent on investments up to $42,000 for singles and $70,000 for couples, and from 3 per cent to 4.5 per cent on greater amounts.

Add a comment11 Comments

zed | 23 March, 2010 at 07:59 PM
taxpayer, i live in public housing and pay tax too, i live by myself and pay $220 per week and am on low wages.You really do not know the system, learn before you comment.
Stu | 18 March, 2010 at 03:23 PM
I live in Public Housing and over the years I have seen my rent increase more in 7 year than where i was living before.
taxpayer | 16 March, 2010 at 01:29 PM
Bronwyn how many are living in your house. Public housing is next to nothing the rents no maintenance or anything.
BRONWYN tATNELL | 14 March, 2010 at 05:11 PM
Well actuaslly Kerrie you are wrong because my public housing rent is actually now 250.00 per week with NO rent assistance.
The Shutterbugger | 12 March, 2010 at 11:39 AM
Considering that the previous government had gold raining on it from the minerals boom and did bugger all for pensioners I thank the Rudd Government for keeping its promise to increase our pensions correctly and give us better living conditions. Remember, the previous mob had twelve years to do this and did not so good on you Kevin, you are doing what you promised and people need to remember this very important point. As a swinging voter you have won me over at this stage.
mark | 11 March, 2010 at 03:03 PM
Centrelink
at work | 10 March, 2010 at 01:56 PM
Diane, I would imagine the solution to your problem would be to get a job! Pensioners don't have that opportunity
kerry | 10 March, 2010 at 11:56 AM
Well those in public housing are lucky anyway as I'm on disability and pay $250 a week rent. I know $50 of that is rent allowance but I bet people in public housing aren't paying that amount. My adult son is only on half pension as he's not 21 yet so bloody hard to scrape through each week. So any amount is welcome.
Headache | 10 March, 2010 at 10:52 AM
Ssh, Diane. No need to SHOUT. We hear you.
diane | 9 March, 2010 at 01:02 PM
WHY DO PENSIONERS HAVE THERE INCOME INDEXED AT AN INCREASE OF 4.31% WHEN NEWSTART PEOPLE ONLY GET AN INCREASE OF 1.59% THEY HAVE BILLS TO PAY ALSO.YOU DONT CALL THIS INDEXATION HAVING TWO DIFFERENT RATES.
Bronwyn tatnell | 8 March, 2010 at 03:44 PM
Thats great that we are getting a pension rise ,however i have just recieved a letter from housing to say that as my market rent has increased so has the amount of rent i have to pay, an increase of 46.00 per WEEK. so where does the rise go?