Millions of Aussies to get welfare payment boost tomorrow in cost of living crunch
Almost five million Australians will get a necessary increase to their welfare payments tomorrow as the government aims to ease the cost of living burden.
The adjustments will be the largest indexation increase of welfare payments Australia has seen in almost 30 years.
The new rates will take effect from tomorrow, September 20.
READ MORE: Melbourne police officer injured in hit-and-run on school grounds
Welfare payments will rise in the biggest indexation increase in decades Dylan Coker / SMH
The boosts to a variety of payments, including pensions and JobSeeker, are part of a recalibration tied to the Consumer Price Index, which measures inflation in the country.
Age Pension, Disability Support Pension and Carer Payment will rise $38.90 a fortnight for singles and $58.80 a fortnight for couples.
The maximum rate of a pension rises to $1,026.50 a fortnight for singles and $773.80 for each person of a pensioner couple, or $1,547.60 per couple.
READ MORE: 'Like a bang': Minor earthquake shakes Melbourne's south-east
JobSeeker, ABSTUDY, Rent Assistance and Parenting Payments will also receive substantial increases.
JobSeeker for singles without children will increase $25.70 a fortnight to $677.20, while Parenting Payment Single will rise $35.20 a fortnight to $927.40.
The rate for partnered JobSeeker Payment and Parenting Payment recipients will increase $23.40 a fortnight to $616.60.
Household budgets have been under real strain this year, following months of consecutive interest rate hikes, rising inflation and higher energy prices.
READ MORE: London braces for massive security operation ahead of Queen's funeral
Treasurer Jim Chalmers has ruled out an extension to the fuel tax excise cut. Dylan Coker / SMH
Now even more cash pain is headed for Australians' wallets after the central bank hiked interest rates for the fifth month in a row.
The Reserve Bank (RBA) met on September 6, where the board raised the cash rate by another 50 basis points, taking it from 1.85 per cent to 2.35 per cent.
Aussies are braced for another jolt at the end of the month, when the fuel tax excise holiday expires.
The 44-cent excise tax on fuel was slashed to 22 cents before the federal election.
Treasurer Jim Chalmers has ruled out extending the fuel discounts.
Share a tip-off, video or photo with us
