From 20 September, more than 5.3 million of Australians will see a boost to their payment as indexation delivers increases to a range of rates, thresholds and limits across the social security system.
Pensioners will see boosted payments, with the maximum rates increasing by $36.80 to $1,237.70 a fortnight for singles and $55.60 to $1,866.00 for a pensioner couple combined. These rates are now 25% higher than they were when Labor came to Government.
The maximum rate of JobSeeker Payment for a single recipient without children will rise by $16.20 to $833.70 per fortnight - with recipients now receiving more than $4,700 extra per year since Labor came to Government.
Parenting Payment recipients will also benefit, with maximum rates increasing by $20.90 to $1,087.20 per fortnight for singles and $14.80 to $763.00 each per fortnight for partnered recipients.
Nearly one million renters will also benefit from higher rates of Commonwealth Rent Assistance. Maximum rates have increased by around 53% since 2022.
Alongside these indexation increases, the Government has accepted the Australian Government Actuary (AGA) recommendation to lift social security deeming rates.
Effective from 20 September, the deeming rate will be updated to 1.75% for financial assets up to $66,800 for singles and $110,600 for couples combined, with a rate of 3.75% for any financial assets above the threshold.
A crucial component of the social security system, deeming provides a simple and fair way of assessing income from financial assets so that government support is directed to those who need it most.
A full list of payment rates and thresholds can be found on the Department of Social Services website.
Quotes attributable to the Minister for Social Services, Tanya Plibersek:
"From September 20, an extra $4 billion of cost-of-living relief will begin to flow to over 5.3 million Australians.
"Whether it's paying the rent, putting food on the table or covering everyday bills, this extra support will help Australians on income support make ends meet.
"We'll continue to make sure the system is there to support those who need it most, ensuring that everyone can make ends meet and no one gets left behind."
