Aussies who receive Centelink's JobSeeker will be seeing more cash in the bank, thanks to the federal budget. Around 1.1 million Aussies on JobSeeker who are looking for work are set to benefit from the $40-per-fortnight cash boost.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
Aussies receiving Centrelink JobSeeker payments are one step closer to receiving a $40-per-fortnight cash boost.
“There are many direct benefits that older Australians will receive in their wallets out of this year's budget including energy relief of up to $500 per year, cheaper medicines, more GPs bulk billing pensioners and healthcare card holders without a co-payment, $15 a week more rent assistance, $20 a week more in ...
But after widespread speculation, it has now been confirmed that all JobSeeker recipients will see their payments go up by $40 per fortnight, as well as those on Youth Allowance, Austudy and other income support payments.
Around 1.1 million Aussies on JobSeeker who are looking for work are set to benefit from the $40-per-fortnight cash boost. However, those aged over 55 on the JobSeeker payment will see a bigger $92.10-per-fortnight increase. Treasurer Jim Chalmers said this budget would focus on helping those “most vulnerable”.
The Age Pension rates will potentially change on 20 September 2023. Increases are likely but not certain because the Australian Bureau of Statistics evaluates these increases based on changes in the Consumer Price Index (CPI), Male Total Average Weekly Earnings, and the Pensioner and Beneficiary Living Cost Index.
Full Age Pension income threshold increases by: Singles threshold $204 per fortnight, increase is $14 per fortnight, $364 per annum. Couples threshold $360 per fortnight, increase is $24 per fortnight, $624 per annum.
Eligible pensioners have had $4,000 credited to their Work Bonus balance since 1 December 2022, increasing the maximum Work Bonus balance from $7,800 to $11,800. This measure extends the increase to 31 December 2023.
Incentives to work
The government will provide $3.7 million in 2023–24 to extend the measure to provide age and veteran pensioners a once-off credit of $4,000 to their Work Bonus income bank and temporarily increase the maximum income bank until 31 December 2023.
The Government has provided two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. These payments will support households to manage the economic impact of the Coronavirus.
A payment to help students with the cost of moving from regional or remote areas for tertiary study. The Tertiary Access Payment (TAP) is a one off payment of up to $5,000. It's to help eligible students with the cost of moving to study. This is for study after you've finished year 12 or equivalent.
If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
The Government announced on 1 February 2022 that an aged care workforce bonus of up to $800 will be paid to eligible aged care staff in Government subsidised home care and residential care.
Carer Supplement is an annual payment of $600 for each eligible payment you get. You'll get this on top of your regular payment.
You have $300 of Work Bonus available each fortnight, which can accrue up to the maximum amount. When your Work Bonus eligible income is less than $300 a fortnight, we'll reduce your income to zero.
You can get the Work Bonus if both of these apply to you. You: are Age Pension age and over. get Age Pension, Carer Payment or Disability Support Pension.
The relief will be given to Aussies receiving income support, such as those on JobSeeker, pensioners and Commonwealth Seniors Health Card holders, Family Tax Benefit A and B recipients and eligible small business owners.
It has been confirmed that the increase for 2023 will be 10.1% for those who will be paid the full increase. This will be applied to your pension from 10 April 2023. For those whose benefits are in payment, you will notice a partial increase in your April payment.
The first full payment at the new rates of pension will be payday 6 April 2023. The maximum rate of single service pension will rise by $37.50 to $1,064.00 per fortnight and the maximum rate for couples will increase by $28.20 to $802.00 per fortnight (each).
Age Pension age
66 years and 6 months, if you were born between 1 July 1955 and 31 December 1956. 67 years, if you were born on or after 1 January 1957.
1 July 2023 the full pension is available, under the assets test, for homeowner singles whose assessable assets are under $301,750 – for homeowner couples the number is $451,500.