From 1 July, Centrelink payments have received a welcome increase, offering much-needed relief to millions of Australians grappling with the rising cost of living. Thanks to a 2.4% indexation adjustment, a broad range of social security payments and thresholds have been lifted. Over 2.4 million people will benefit from these changes, which aim to keep support in line with inflation.
This routine indexation is designed to make sure welfare payments keep pace with real-world pressures, such as grocery prices, rent, and everyday living costs. Federal Minister for Social Services, Tanya Plibersek, reassured Australians that the government remains focused on easing financial stress for those who need it most.
“From 1 July, millions of recipients of social security payments will see more money in their bank accounts,” she said.
Let’s break down what’s changing and how it might affect you.
Family Tax Benefit Sees a Lift
Families receiving the Family Tax Benefit (FTB) are among those seeing a modest yet meaningful increase in their fortnightly payments.
- FTB Part A:
- For children under 13, payments are increasing to $227.36 per fortnight, up by $5.32.
- For children aged 13 and over, payments rise to $295.82, up $7.
- FTB Part B:
- The standard rate increases to $193.34 per fortnight, a rise of $4.48.
- For families with children aged over five, it’s now $134.96 per fortnight.
These changes, while modest, are intended to help families cope with rising household expenses.
Better Support for New Parents
First-time and growing families will also benefit from higher support rates under the Newborn Supplement and Multiple Birth Allowance.
- Newborn Supplement now totals $2,052.05 over 13 weeks, up $48.
- Multiple Birth Allowance is now:
- $196.56 per fortnight for triplets.
- $261.94 per fortnight for quadruplets or more.
Paid Parental Leave Gets an Upgrade
In a move welcomed by working parents, Paid Parental Leave (PPL) has been extended:
- The scheme now covers 24 weeks, up from 22.
- Couples can take 4 weeks simultaneously, up from the previous 2 weeks.
Higher Income Thresholds
- The individual income limit for eligibility has risen to $180,007 per year.
- The family income limit has increased to $373,094 annually.
Superannuation Now Included
A significant change is the inclusion of superannuation payments in the Paid Parental Leave scheme. From 1 July, eligible parents will have 12% superannuation contributions added to their government-paid leave — a long-awaited reform to help close the super gap, especially for women.
Age Pension: New Thresholds Allow More Access
While the base Age Pension payment amounts remain the same, there’s good news in the form of higher income and asset thresholds. This means more Australians may now qualify for either full or part pensions.
- Current pension rates remain:
- $1,149 per fortnight for singles
- $1,732.20 per fortnight combined for couples
These rates are still indexed in March and September each year.
Income Limits: What You Can Earn Without Losing Your Pension
To help pensioners who want to work or earn a bit extra:
- Singles can now earn up to $218 per fortnight (up from $212) and still get the full pension.
- Couples can earn up to $380 per fortnight (up from $372).
The cut-off limits for part pensions are now:
- $2,516 per fortnight for singles.
- $3,844.40 per fortnight for couples.
Don't forget, under the Work Bonus, pensioners can earn up to $300 in employment income per fortnight without it affecting their pension.
Asset Thresholds: More Room for Savings and Investments
The amount of assets you can hold while still qualifying for the pension has also increased.
For Homeowners:
- Singles can have up to $321,500 in assets and still receive the full pension (up from $314,000).
- Couples can now have up to $481,500 (up from $470,000).
The part pension cut-off is now:
- $704,500 for single homeowners (up from $697,000).
- $1,059,000 for couple homeowners (up from $1,047,500).
For Non-Homeowners:
- Singles:
- Full pension eligibility now allows up to $579,500 in assets (up from $566,000).
- Part pension cut-off is now $962,500 (up from $949,000).
- Couples:
- Full pension eligibility now allows $739,500 (up from $722,000).
- Part pension cut-off is $1,317,000 (up from $1,299,500).
These thresholds include things like cars, investment properties, superannuation, and other financial assets — but your primary residence is not counted.
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Source
- https://au.finance.yahoo.com/
- https://colitco.com/
- https://theabj.com.au/
Mitchell
Mitchell is a seasoned Ph.D. scholar with extensive expertise gained through years of rigorous research, publication, and teaching experience. He brings a wealth of knowledge and analytical skills to tackle complex academic challenges. His work is dedicated to delivering innovative solutions, advancing knowledge, and promoting academic excellence. Proficient in research methodology, data analysis, and scholarly writing, Mitchell has contributed to peer-reviewed journals and mentored students to achieve academic success.
