Almost 2 million Australians will receive a boost in their government payments from July 1. The increase is due to regular indexation.
Families and pensioners will be the ones who benefit the most from the increase.
Some of the individuals who will receive a boost include those on multiple birth allowances, the Family Tax Benefit, and the Newborn Supplement.
About a million Australians receiving the Age Pension, Carer Payment, and Disability Support Pension will benefit from the increases in asset and income thresholds.
Also, the percentage that the government uses to predict how much money an individual earns from investments and super will be adjusted.
Indexation will also increase the amount of paid parental leave that people can take.
This comes as a result of the government’s promise to pay super on the leave from 2025. It was one of the main measures included in last month’s budget, which aimed to help address the cost of living crisis.
Social Services Minister Amanda Rishworth said that indexation would help Australians cope with the cost of living pressures and inflation.
It will provide a boost to the payments that people receive from their families. For instance, the maximum payment for a family of four with three children will increase by around $8.68.
If children are 13 years old or above, the maximum payment will be increased by about $11.34 to almost $300 a fortnight. For families with a youngest child under five years old, the maximum payment will go up by about $7.42 to $188.86.
Families with a child aged five and above will receive an increase of about $5.18 to $131.74.
Family Tax Benefit A and B end-of-year supplements will increase by around $36.50 and $18.25 respectively.
People receiving the newborn supplement, multiple birth allowance, stillborn baby payment, and essential medical equipment will also benefit from the increase.
The list of government payments that will increase on July 1, 2024, can be found at the Social Services Department’s website.