Barnaby Joyce announces more $$s for pensioners

22nd March 2022

More money in Pensioners pockets

More than 41,000 residents in New England will benefit from a boost to their social security payments from 20 March to help them keep up with the changes in the cost of living.

Age Pension, Disability Support Pension and Carer Payment rates will increase by $20.10 a fortnight for singles to $987.60 and by $30.20 a fortnight for couples combined to $1,488.80.

 In addition, asset test limits have been increased which will allow more senior Australians to access a part pension. For example, the asset limit for a single homeowner has been boosted by $6,750 to $599,750 and for a homeowner couple by $10,000 to $901,500.

Deputy Prime Minister and Member for New England, Barnaby Joyce, said these increases are putting more money in the pockets of everyday Australians.

“These indexed social security payments will help thousands of residents in New England keep up with the cost of living,” the Deputy Prime Minister said.

“Putting money in the hands of those who need it the most, in turn sustaining local business, helping New England thrive.”

 More than 5 million pensioners and other payment recipients also received an additional $2,000 in Economic Support Payments throughout the pandemic.

 The basic rate of Jobseeker Payment will increase by $13.20 to $629.50 for singles without children while Parenting Payment Single will increase by $18.10 to $874.10 including the Pension Supplement and Energy Supplement.

Since March 2013, the rate for single pensioners has increased by $179.20 a fortnight, while the rate for pensioner couples combined has increased by $270 a fortnight supporting 21,171 Age Pensioners in New England.

 Since March 2013, the basic rate of Jobseeker Payment (formerly Newstart) for a single person without children has increased by $145.70 a fortnight including the $50 per fortnight increase delivered by the Morrison Joyce Government in April 2021 which is supporting 7,872 JobSeekers in New England.

Minister for Families and Social Services Anne Ruston said indexation was an integral part of our social security safety net and ensured pensioners and jobseekers maintained their purchasing power within the economy.

 Pensioners in New England will see a 2.1 per cent increase to their payments – the largest increase since 2013.

The fortnightly maximum rate of Rent Assistance will also increase to $145.80 for single recipients with no children, $171.50 for families with up to two children and $193.62 for families with three or more children.

 Full details of new rates and thresholds are available at www.dss.gov.au/about-the-department/benefits-payments/previous-indexation-rates

 

News for March 2022