Pensions to increase through indexation
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.
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