From July 1, Australians will receive a boost in their government payments. Families and pensioners are among those who will benefit from this increase.
Around 1.3 million individuals will receive increases in their payments for various types of family benefits.
Almost a million people on the disability support pension, the Age Pension, and the Carer Payment will benefit from the increase in asset and income thresholds.
Also, the percentage that the government uses to determine how much money people have earned from investments and super will be adjusted.
Indexation will also be implemented for paid parental leave, which is in line with the government’s promise to pay super on the benefit from 2025.
This comes after the budget committed to addressing the cost of living crisis by providing a 10 percent boost to rent assistance and extending the duration of paid parental leave.
Amanda Rishworth, the minister for social services, said that indexing will provide people with timely boosts to their payments.
She noted that these increases will help families manage the cost of living pressures. For instance, the maximum payment for children under thirteen will increase by around $8.68.
For families with kids aged 13 or above, the maximum payment will increase by around $11.34 to a maximum amount of $288.82.
Families with a child under five years old will see a rise of around $7.42 in the maximum rate of payment. On the other hand, families with a child aged five and above will experience an increase of $5.18.
Supplementary payments for Family Tax Benefit A and B will increase by around $36.50 and $18.25 respectively.
People receiving the Newborn, Multiple Birth, Stillborn, and Medical Equipment Payment supplements will also receive more.
The list of benefits that will be affected by the implementation of the increase on July 1, 2024, can be accessed through the Social Services Department’s website.