Pensions to increase today

From today 3.4 million pensioners across Australia will receive an increase in their payments to help them meet increases in their household costs.

On the second anniversary of the Australian Government’s Secure and Sustainable Pension Reforms, age and disability pensioners, carers and veterans’ income support recipients will receive the fourth boost to their pensions since September 2009.

Single pensioners will receive an extra $19.50 a fortnight and pensioner couples combined on the maximum rate will receive an extra $29.60 a fortnight.

These indexation increases are a direct result of the Australian Government’s historic pension reforms. These delivered a new indexation system to better reflect the actual costs for pensioner households.

Two years ago the Government delivered the most significant reforms to the age pension in its 100 year history. This action was taken after years of neglect by the Liberal-National Government.

The Government’s reforms delivered pension increases, a new pension supplement, a pension Work Bonus and a new indexation system.

Over the last two years the pension reforms have delivered increases to the maximum pension of about $148 per fortnight for singles and $146 per fortnight for couples combined.

Following today’s increase, total pension payments for people on the maximum rate, including the base rate and pension supplement, will be:

• $748.80 a fortnight for singles, and
• $1,129.00 a fortnight for couples combined.

We know that pensioners on a fixed income have the least room to move in their budgets and that’s why it’s so important that their pension keeps pace with the cost of living.

The Australian Government is delivering important increases to the pension and protecting the age pension now and into the future.

Full details of new rates can be found at Rates Indexation September 2011