Starting today many people who get government support payments will receive more money. This affects over five million people who get different types of payments. These include older people on pensions JobSeeker recipients students parents & people with disabilities.
The payment increase happens twice every year in March and October. But there’s also some not-so-good news. For the first time since 2020 the government has changed how they calculate income from savings and investments. This change will affect about 771000 people who get support payments.
The new calculations might reduce how much extra money some of these people get. The government does these updates to help people keep up with rising costs. But some people might not get as much of an increase as they hoped because of the new calculation rules.
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Seniors who get the Age Pension will now receive more money. Single pensioners can get up to $1178.70 every two weeks. This is $29.70 more than before. The new amount includes extra money for basic costs & energy bills. Couples who both get a pension will each receive $888.50 every two weeks. This means they get $22.40 more than their old payments.
The payment for single people on JobSeeker who are 22 or older without kids will go up by $12.50. This means they’ll get $793.60 every two weeks. People with partners will each get $726.50 every two weeks which is $11.40 more than before. These new rates start soon & help people who need support while looking for work.
Students aged 22 and above who get ABSTUDY will now receive $793.60 every two weeks. This is a $12.50 increase from the previous rate. The new amount applies to students who live with their parents or on their own.
Parents who receive single parent payments will now get $1039.70 every two weeks. This is $16.20 more than before & includes extra money for energy costs. Parents with partners will get $734.30 every two weeks. This is an increase of $11.40 from the previous rate.
Deeming Rates 2025
The government stopped changing deeming rates in 2020 during COVID-19 to help people.
Now that prices aren’t rising as fast they decided to slowly increase these rates again.
Starting today people who are single will pay 0.75% on savings up to $64,200.
Couples will pay this rate on savings up to $106200. This is higher than the old rate of 0.25%.
Any money above these amounts will now be charged at 2.75% instead of the previous 2.25%.
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You don’t need to do anything about these changes. Services Australia will update everything for people who have deemed income.
Additional Updates to Age Pension Benefits for Seniors
Retired people on pensions will get better payment limits starting today.
Single people can now earn up to $2,575.40 every two weeks and still get some pension money. Couples can earn up to $3,934. There are also new rules about how much stuff you can own.
Single people who own a home can have assets worth $714,500. If they don’t own a home the limit is $972,500.
For couples who own a home the limit is $1,074000. Couples without a home can have assets up to $1,332,000.
Single people who earn less than $101,105 per year might also get a health card. The same goes for couples earning under $161768. These health cards will be available from September 20.
