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Cash boost for millions of Aussies in weeks
More than five million Australians will benefit from a boost to their social security payments.
Aged pensioners, disability support pensioners and carers will receive about $22.20 extra in their fortnightly payments from March 20.
Parenting, ABSTUDY recipients aged 22 years and over and rent assistance payment recipients will also see an increase to their payments.
The boost to payments will make annual pensions $5545 better off since 2022.
The tentative indexation rates are based on data and will be officially confirmed in the coming weeks.
Deeming rate changes also come into effect next month, which allows the government to assess how much income can be earned based on a person’s financial assets.
Deeming rates set to rise, here's what it means for your pocket
Some pensioners and income support recipients could see small reductions in their payments after the federal government announced an increase deeming rates for the second time since the pandemic.
Deeming is a system used to estimate how much income people earn from financial assets such as savings, shares and managed funds.
Rather than assessing actual returns, Centrelink applies standard "deeming rates" to calculate income for pension and payment eligibility.
The Australian Government Actuary (AGA) recommended lifting deeming rates, which the federal government accepted, with an announcement on February 20 that changes would take effect from March 20, 2026. This is the same day pensions will also be indexed.
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