In an ever-changing economic landscape, government support plays a pivotal role in the lives of many individuals and families. As a financial planner, I understand the significance of staying informed about government programs and policies that affect your economic well-being. Today, we delve into a topic that concerns millions of Australians: Centrelink payment increases.
Increased payments are due to start today and they are:
- Single Jobseekers – an increase of $56.10 per fortnight
- Partnered Jobseekers – an increase of $54.80 per fortnight
- Single Parenting Payment – an increase of $20.30 per fortnight
- Partnered Parenting Payment – an increase of $54.80 per fortnight
- Single Age Pension, Disability Support Pension, and Career Payment – an increase of $32.70 per fortnight
- Partnered Age Pension, Disability Support Pension, and Career Payment – an increase of $24.70 per fortnight
- Single Veterans – an increase of $32.70 per fortnight
- Veterans on the Disability Compensation Payment – an increase of $53.00 per fortnight
- Singles without children Rental Support – an increase of $7.60 per fortnight
- Families with one or two children Rental Support – an increase of $32.34 per fortnight
Changes to the Income and Asset threshold for Age pension are also changing:
- Single income threshold – Increasing by $65.40 per fortnight to a total of $2,397.40
- Couple (combined) income threshold – Increasing by $98.80 per fortnight to a total of $3,666.80
- Single, homeowner, asset threshold – Increasing by $11,000 to $667,500
- Single, non-homeowner, asset threshold – Increasing by $11,000 to $909,500
- Couple (combined), homeowner, asset threshold – Increasing by $16,500 to $1,003,000
- Couple (combined), non-homeowner, asset threshold – Increasing by $16,500 to $1,245,000
As a financial planner, I aim to empower you with knowledge to help you make informed decisions about your financial future.
Centrelink payments are a critical resource for many, providing essential support during challenging times.
While these payment increases represent a step in the right direction, it’s crucial to remember that financial planning is ongoing. As the economic environment evolves, so should your financial strategies.
For any Financial Services assistance, please speak to a Financial Planner now at BW Private Wealth Financial Planning | Ballarat | Ararat | Surrounds
