If you’re one of the millions of Australians receiving Centrelink payments, you’re in for a treat.
On March 20, about five million Aussies will receive a cash boost as part of the twice-yearly indexation of Centrelink and Services Australia payments.
What Payments Will Be Increased?
A range of payments will be increased to keep up with the rising cost of living. These include:
- JobSeeker
- Age Pension
- Disability Support Pension
- Carer Payments
- Rent Assistance
However, the exact amount of the increase is still under wraps. We’ll have to wait until early March for the official figures to be released.
How Are the Indexation Figures Calculated?
The indexation figures are based on the Consumer Price Index (CPI). If wage rates or the Pensioner and Beneficiary Living Cost Index are higher, the relevant payments will be adjusted accordingly.
Some Payments Won’t Be Indexed This Time Around
If you’re receiving Youth Allowance, Austudy, ABSTUDY, or Carer Allowance, you won’t be getting an indexation boost in March. These payments are only indexed once a year, and you’ve already received your annual boost in January.
Critics Say More Needs to Be Done
The Australian Council of Social Service (ACOSS) has been vocal about the need for more frequent indexation of payments, especially for young people.
ACOSS chief executive Cassandra Goldie says that the current rates are “completely out of step with the reality of living costs” and that young people are being left behind.
What Happened Last Time?
The last bi-annual indexation was in September last year, and it resulted in increases of between $15.30 and $135 per fortnight for recipients of JobSeeker, Age Pension, Disability Support Pension, Carer Payments, and Rent Assistance.
Let’s hope that this time around, the increases will be more substantial and will help make a real difference in the lives of those who need it most.