New Year’s indexation to increase payments for 1 million recipients
More than 1 million recipients of youth, student, and carer allowances will receive a boost to their payments from 1 January 2022 to help them keep up with the changes in the cost of living.
The rate of Youth Allowance for young people living away from home will increase by $17.90 to $537.40 per fortnight, and for those aged 18 or over living at home, it will increase by $12.40 to $371.60 per fortnight.
Older students receiving Austudy will get a $17.90 fortnightly boost with the rate increasing to $537.40 per fortnight, while singles with children will get a $23 fortnightly boost with the rate increasing to $688.20 per fortnight. These rates include Energy Supplement.
The rate of Carer Allowance, which supports people who are providing additional daily care to someone with a disability, medical condition, or an adult who is frail aged, will increase by $4.60 to $136.50 per fortnight.
The indexation rate of 3.5 per cent – the highest since 2012 – will also apply to Assistance for Isolated Children, Youth Disability Support Pension, Mobility Allowance, Double Orphan Pension as well as additional child amounts that are paid under some social security agreements.
Minister for Families and Social Services Anne Ruston said indexation is an integral part of our social security safety net.
“This is putting money in the pockets of Australians who rely on our social security system and ensuring they maintain their purchasing power,” Minister Ruston said.
“For many of these payments this indexation builds on the $50 per fortnight permanent increase to the rate of a range of income support payments we delivered in April.”
Payment rates are indexed at various times throughout the year to ensure Australians are supported to keep up with the cost of living.
Full details of new rates and thresholds are available at www.dss.gov.au/about-the-department/benefits-payments/previous-indexation-rates