More than a million Australians are getting a Centrelink boost from tomorrow – benefitting university students, carers and those with a disability.
Australia’s youngest Centrelink recipients are getting a 3.8 per cent increase to their payments on January 1, with the indexation significantly higher than the latest 2.8 per cent consumer price index.
This covers the Youth Allowance, Austudy, Youth Disability Support Pension and Carer Allowance.
The Youth Allowance for teenagers under 18 living at home is going up by $15 to $410.30 a fortnight – in line with the Abstudy rate for those of the same age who identify as Aboriginal or Torres Strait Islanders.
Those living away from home and who are studying, aged 18 to 24, will see their Youth Allowance or Austudy payment rise by $24.30 to $663.30.
Partnered Youth Allowance beneficiaries without dependent children are also getting a $24.30 boost, that rises to $670.30 a fortnight with the energy supplement.
Austudy recipients, aged 25 or older, are getting the same increase to the same level, regardless of whether or not they have children.
The Youth Allowance covers those aged 16 to 21 and looking for full-time work, those aged 18 to 24 studying full-time and those aged 16 to 24 doing an apprenticeship.
More than a million Australians are getting a Centrelink boost from tomorrow (pictured are University of New South Wales students)
The Disability Support Pension for those under 18 living at home is rising by $20.80 to $569.60.
Those aged 18 to 20 are getting a $23.10 boost, taking it to $631.80.
Australians with a disability living independently will see their payments rise by $30.10 a fortnight to $822.60.
The Carer Allowance is increasing by $5.80 a fortnight to $159.30, benefitting more than 600,000 people looking after a loved one.
The increase is in line with the Youth Disability Supplement.
The 3.8 per cent boost to a series of Centrelink benefits is a lot more generous than recent inflation figures – the September quarter’s annual headline inflation rate was 2.8 per cent based on the government’s temporary $300 electricity rebates, while the underlying inflation rate was higher at 3.5 per cent without one-off factors.
Welfare payments are linked to the June quarter’s annual consumer price index instead of the latest inflation data.
Social Services Minister Amanda Rishworth said the indexation formula was designed to help Centrelink recipients deal with the cost of living.
Social Services Minister Amanda Rishworth said the indexation formula was designed to help Centrelink recipients deal with the cost of living
‘We want to reduce disadvantage and maintain Australia’s strong and sustainable social safety net by providing relief to those most in need,’ she said.
‘Through indexation, payments are adjusted in line with cost of living changes to ensure people have more money in their pockets.’
But some benefits are going up by more than the inflation rates in 2024 with the Abstudy rate for those studying a masters or doctorate increasing by $54 or 4.3 per cent to $1,285.40 a fortnight.
The parental income test threshold for Youth Allowance is increasing to $65,189 a year, up 4.1 per cent from $62,634.
Both are part of Labor’s $3billion plan to reduce student debt for three million people, as it battles the Greens in inner-city electorates.
Higher Education Contribution Scheme debts are being reduced by 20 per cent.
The minimum income to start repaying student loans is rising to $67,000 on July 1 next year, up from $54,000.
