Increased payments for Australia’s pensioners

From today around 3.5 million Australian pensioners, including 2.3 million age pensioners, will receive an increase to their payments.

Minister for Social Services, Kevin Andrews, said the indexation increase is a significant boost to the pension.

“We understand some Australian seniors are concerned about their cost of living,” Mr Andrews said.

“Today’s increase to payments will help ease that concern.

“As part of the indexation increase single pensioners on the maximum rate will receive an extra $18.70 a fortnight.

“Pensioner couples on the maximum rate will receive an increase of $28 a fortnight combined.

“This increase applies to people receiving the Age Pension, Disability Support Pension and Carer Payment, as well as veterans’ income support recipients.”

With the increase, total pension payments for people on the maximum rate will be:

• $827.10 a fortnight for singles, and
• $1,246.80 a fortnight for couples combined.

The pension is increased twice a year to reflect growth in the Consumer Price Index or the Pensioner and Beneficiary Living Cost Index, whichever is higher.

The rate is also benchmarked to Male Total Average Weekly Earnings to help the pension keep pace with improvements in Australia’s living standards.

This September the pension increase is driven by higher wages growth.

Around one million allowance recipients will also benefit from increases to income support payments such as Newstart and Parenting Payment from today.

Full details of all rates and thresholds to be indexed on 20 September can be found at: http://www.dss.gov.au/about-fahcsia/benefits-payments/indexation-rates-september-2013