Youth Allowance, students payments to get indexation boost from January 1
More than one million Australians will receive a boost to their social security payments in the new year due to annual indexation.
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More than one million Australians on Centrelink payments will get a boost to fortnightly payments in the new year due to annual indexation rates, the government has confirmed.
From January 1, Youth Allowance payments will be boosted by between $17.30 to $24.30, up to a maximum rate of $670.30.
Austudy payments will increase between $24.30 to $26.30 to up to $845.80, which means recipients with no dependent children will receive $670.30 per fortnight, while recipients with dependent children will get $845.80 per fortnight.
The Carer’s Allowance will see an extra $5.80 to their fortnightly payments, increasing it to $159.30 per fortnight.
Other payments like JobSeeker, Commonwealth Rental Assistance and the age pensions are indexed twice a year on March 20 and September 20.
Indigenous secondary and tertiary students who receive ABSTUDY will also increase between $24.30 to $30.60, with the maximum rates of support increasing to $845.80 for single recipients with dependent children.
Payments for the Youth Disability Support Pension, Double Orphan Pension and Mobility Allowance will also be raised.
The total cost of the indexation increases to about $63.8m a year, or about $10.1m a fortnight, and are measured against the Consumer Price Index which rose by 3.8 per cent in the 12 months to June 2024.
Social Services Minister Amanda Rishworth said the increases will ensure vulnerable Australians are able to weather cost-of-living pressures.
“We want to reduce disadvantage and maintain Australia’s strong and sustainable social safety net by providing relief to those most in need,” she said.
“Through indexation, payments are adjusted in line with cost of living changes to ensure people have more money in their pockets.”
Originally published as Youth Allowance, students payments to get indexation boost from January 1
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