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Upcoming Changes to Centrelink Payments: Key Details
From July 1, a significant update will see over 2.4 million Australians receiving an increase in their Centrelink payments due to regular indexation. This adjustment aims to help beneficiaries manage the ongoing pressures of the rising cost of living.
Overview of the Payment Increases
The latest indexation will raise various payment rates, thresholds, and limits by 2.4%. Beneficiaries of several support programs will be affected, including those receiving:
- Family Tax Benefit A and B
- Multiple Birth Allowance
- Newborn Supplement
Income and asset thresholds will also see increases for recipients of the Age Pension, Disability Support Pension, and Carer Payment.
Minister’s Statement
Social Services Minister Tanya Plibersek affirmed that confronting cost-of-living challenges remains the government’s highest priority. She stated, “From 1 July, millions of recipients of social security payments will see more money in their bank accounts,” highlighting the importance of the Family Tax Benefit in assisting families as living expenses rise.
Specific Increases by Payment Type
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Family Tax Benefit Part A
- Maximum fortnightly payment rises to $227.36, a $5.32 increase.
- For children aged 13 or over, the rate increases to $295.82 per fortnight, up by $7.
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Family Tax Benefit Part B
- Maximum rate goes up to $193.34, an increase of $4.48.
- Families with children older than 5 will see the payment rise to $134.96.
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Newborn Supplement
- Parents of newborns will enjoy an increased supplement of $2,052.05, a rise of $48 over the first 13 weeks.
- Multiple Birth Allowance
- Payments for those having triplets will increase to $196.56 per fortnight.
- For quadruplets or more, payments will rise to $261.94 per fortnight.
Threshold Changes
While payment rates for the Age Pension, JobSeeker, Youth Allowance, and Carer Payment remain unchanged, income and asset thresholds are set to rise:
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Age Pension Thresholds:
- For single pensioners, the earnings threshold increases to $218 per fortnight (+$6), allowing them to receive the full pension, with the maximum income limit now at $2,516.
- For couples, the income limit is set at $380 per fortnight, with the disqualifying income limit rising to $3,844.40.
- Asset Limits:
- Single homeowners can have assets up to $321,500 while still receiving the full pension; couples can have assets up to $481,500.
- The cut-off for part pension eligibility increases to $704,500 for single homeowners and $1,059,000 for couple homeowners.
Paid Parental Leave Updates
The annual income thresholds for Paid Parental Leave are also adjusting:
- The individual limit will rise to $180,007, while the family income limit will increase to $373,094.
Conclusion
For those interested in specific payment rates and updated thresholds, additional details can be found on the official government website. These changes are aimed at providing financial relief amidst ongoing economic challenges faced by many Australians.
