4.7 million Australians to benefit from indexation

Around 4.7 million pension and allowance recipients will receive an increase to their welfare payments from 20 March.

The increases will help pensioners and allowance recipients to keep up with increases in living costs.

From 20 March, pension payments including Age Pension and Disability Support Pension will increase by $13.20 a fortnight to $907.60 for singles, and by $19.80 a fortnight to $1,368.20 for couples combined.

Individuals receiving Newstart Allowance, Widow Allowance, Partner Allowance, and Sickness Allowance will benefit from an increase of $7.00 a fortnight to $554.60. Members of a couple will see an increase of $6.30 a fortnight to $503.40.

The Parenting Payment (Single) will increase by $9.80 to $774.40 a fortnight.

Rent Assistance rates also increase from 20 March, as do a range of income and assets limits for pensions and allowances, as a result of indexation.

Payment rates for pensions and allowances are adjusted twice a year. Pension increases are linked to prices and wages, and allowances are linked to the Consumer Price Index.

Full details of new rates and thresholds are available on the DSS website.