Good news: Centrelink payments for Aussie pensioners to rise
Pensioners will receive $350 extra a year following the latest increase in their Centrelink payment.
The single welfare benefit has increased to $907.60 a fortnight from $894.40, with the pension and energy supplements included. The rise of $13.20 equates to extra $343 a year.
Couples – including married and de facto– are to receive $1,368.20 a fortnight, up from $1348.40. The increase of $19.80 equates to extra $515 a year.
The singles energy supplement has not increased from its current level of $14.10, but the base pension for a single increases from $814 to $826.20 and cost-of-living supplement rises from $66.30 to $67.30.
The couples energy supplement also stays at $21.20, while the base pension rises from $1227.20 to $1245.64 and the cost-of-living payout increases from $100 to $101.40.
The Department of Human Services indexes the Age Pension benefit twice a year to ensure benefits rise in line with inflation.
A single person with up to $556,500 in assets will now qualify for a part-pension and to receive a Pensioner Concession Card.
Prior to Tuesday, the part-pension and Pensioner Concession Card cuts out at $552,000 for a single homeowner.
The latest changes have also increased the starting point for homeowner couple’s assets test rising from $375,000 to $380,500 and homeowner singles rising from $250,000 to $253,750.
The assets cut-off for a homeowner couple to receive the part-pension and Pensioner Concession Card have increased from $830,000 to $837,000.
This change is expected to affect more than 230,000 pensioners, as part of a Labor plan to tighten dividend imputations in a bid to save the budget $5 billion a year.