On March 20, several government payments, including pensions, rent assistance, JobSeeker, ABSTUDY, and parenting payments, will rise as they are adjusted in line with inflation.

Over 2.5 million Australians are expected to benefit from the pension increase alone. The government forecasts that individuals receiving the full single pension rate will experience a fortnightly boost of $22.20.

The Australian Government Actuary has advised an increase in deeming rates, a recommendation the government has decided to implement.

For financial assets, the lower deeming rate will rise by 0.5 percent to 1.25 percent for amounts under $64,200 for singles and $106,200 for couples. Meanwhile, the higher rate will be set at 3.25 percent for financial assets exceeding those figures.

Social Services Minister Tanya Plibersek emphasized that these changes are aimed at ensuring the social security system remains fair and efficient for taxpayers.

“Our commitment is to maintain a support system that aids those in greatest need, ensuring everyone can manage their expenses without being left behind,” she stated.

NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.