Indexation increases to support Australian families
From today, more than two million Australian families will benefit from indexation increases in family payments.
The maximum fortnightly rate for Family Tax Benefit (FTB) Part A has increased by $4.34, which is an extra $113.15 a year, bringing the yearly amount to just over $4292 a year for each child under 13.
For parents of a child aged between 13 and 15, the maximum fortnightly rate of payment has increased by $5.60, which is an extra $146 a year, bringing the yearly amount to just over $5580 for each child.
For families receiving FTB Part B, the fortnightly rate has increased by $3.64, which is an extra $94.90 a year, bringing the yearly amount to $3650 where the youngest child is under five.
For families where the youngest child is between five and 18 the fortnightly rate of FTB Part B has increased by $2.53, which is an extra $65.70 a year, bringing the yearly amount to $2544 where the youngest child is between five and 18. FTB Part B is paid per family.
Families receiving FTB are also eligible for an end of year supplement of about $726 per child for FTB Part A, and about $354 per family for FTB Part B.
The Baby Bonus, paid in 13 fortnightly instalments, has increased by $143 to $5437 for families of newborn babies and adopted children. The Government is also giving families more of their Baby Bonus upfront with new arrangements from today.
These increases reflect the 2.7 per cent increase in the Consumer Price Index (CPI) to December 2010.
The indexation of payments reflects the cost pressures faced by parents as they pay the bills and balance the family budget.
A full list of indexation increases are available at: Rates Indexation July 2011
For more information on July 1 changes, visit www.fahcsia.gov.au.