Australia to increase social security payments from September 20

Starting September 20, more than five million Australians will receive increased social security payments due to scheduled indexation. The adjustments affect various benefits, including the Age Pension, JobSeeker Payment, Youth Allowance, and Rent Assistance.

Specific increases include a fortnightly boost of approximately $36.80 for single pensioners and $55.60 for couples. JobSeeker payments for single recipients without children will rise by roughly $16.20. Social Services Minister Tanya Plibersek stated the measures are intended to help Australians manage everyday costs such as rent and food.

Alongside these increases, the federal government is raising deeming rates. Deeming is the method used to estimate income from financial assets—such as term deposits and shares—to determine eligibility for means-tested benefits. For financial assets below certain thresholds, the rate will rise to 1.75%, while assets above the threshold will be deemed at 3.75%. This increase may reduce the total pension payments received by property-owning or asset-holding retirees.

Cassandra Goldie, chief executive of the Australian Council of Social Service (ACOSS), noted that while the increases are helpful, they may not be sufficient to combat poverty. She highlighted that JobSeeker remains at approximately 40 per cent of the minimum wage, which she argued is inadequate for covering essential living expenses.