The jobseeker payment is slated to increase by $56 a fortnight on 20 September, when the $40 a fortnight increase announced in the budget will come into effect, as well as 2.2% indexation for cost of living.
Youth Allowance, Austudy, Abstudy and DSP and some other miscellaneous payments will increase from 1 January 2023. The full schedule of indexation adjustments is here.
Around 1.1 million Aussies on JobSeeker who are looking for work are set to benefit from the $40-per-fortnight cash boost. However, those aged over 55 on the JobSeeker payment will see a bigger $92.10-per-fortnight increase. Treasurer Jim Chalmers said this budget would focus on helping those “most vulnerable”.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
How much are payments increasing? The JobSeeker base rate will increase by $40 per fortnight, as will Youth Allowance, Austudy and other income-support payments.
A payment to help students with the cost of moving from regional or remote areas for tertiary study. The Tertiary Access Payment (TAP) is a one off payment of up to $5,000. It's to help eligible students with the cost of moving to study. This is for study after you've finished year 12 or equivalent.
Full Age Pension income threshold increases by: Singles threshold $204 per fortnight, increase is $14 per fortnight, $364 per annum. Couples threshold $360 per fortnight, increase is $24 per fortnight, $624 per annum.
The Government announced on 1 February 2022 that an aged care workforce bonus of up to $800 will be paid to eligible aged care staff in Government subsidised home care and residential care.
Carer Supplement is an annual payment of $600 for each eligible payment you get. You'll get this on top of your regular payment.
You have $300 of Work Bonus available each fortnight, which can accrue up to the maximum amount. When your Work Bonus eligible income is less than $300 a fortnight, we'll reduce your income to zero.
The Government has provided two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. These payments will support households to manage the economic impact of the Coronavirus.
If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
From 10 July 2023, if your family earns under $530,000, you can get increased Child Care Subsidy (CCS). The CCS percentage you're entitled to depends on your family's income. The income limit to get the maximum CCS has increased. Families earning up to $80,000 can get an increased maximum CCS amount, from 85% to 90%.
Incentives to work
The government will provide $3.7 million in 2023–24 to extend the measure to provide age and veteran pensioners a once-off credit of $4,000 to their Work Bonus income bank and temporarily increase the maximum income bank until 31 December 2023.
Aussies who rely on Centrelink will be some of 2023's biggest winners, with the payments set for their biggest boost in 25 years. The Youth Allowance rate will go up by at least $19 a fortnight in the new year, with youth and student payments to be indexed by more than 6 per cent.
Eligible pensioners have had $4,000 credited to their Work Bonus balance since 1 December 2022, increasing the maximum Work Bonus balance from $7,800 to $11,800. This measure extends the increase to 31 December 2023. The Work Bonus concession of $300 per fortnight will stay the same.
To get the Cost of Living Payment you must be a Centrelink or Department of Veterans' Affairs customer. To get the $250 one-off Cost of Living Payment you must be a Centrelink or Department of Veterans'Affairs customer.
If you're eligible, you may get any of the following: FTB Part A supplement of up to $817.60 for each eligible child. FTB Part B supplement of up to $397.85 per family. Single Income Family Supplement of up to $300 per family.
The Cost of Living Payment is a $250 one-off payment to help with the cost of living. The Cost of Living Payment is not taxable, and you don't need to report it as income. You'll get it if you were residing in Australia on 29 March 2022, and: you were able to claim, or were getting an eligible payment.
This was extended to 31 December 2023 as part of the Social Services Legislation Amendment (Enhancing Pensioner and Veteran Workforce Participation) Bill 2022. This income bank top up is a temporary measure that will see an additional $4,000 added to a pensioners Work Bonus Balance, to a maximum total of $11,800.
In addition, a one-off payment of $3,000 will be provided to employees in the NSW Health Service in recognition of their work on the frontline of the COVID-19 pandemic. The payment covers paramedics, midwives, cleaners, and all other permanent staff employed by the NSW Health Service.
The Age Pension rates will potentially change on 20 September 2023. Increases are likely but not certain because the Australian Bureau of Statistics evaluates these increases based on changes in the Consumer Price Index (CPI), Male Total Average Weekly Earnings, and the Pensioner and Beneficiary Living Cost Index.
It has been confirmed that the increase for 2023 will be 10.1% for those who will be paid the full increase. This will be applied to your pension from 10 April 2023. For those whose benefits are in payment, you will notice a partial increase in your April payment.