From July 1, 2023, over 2.4 million Australians relying on social services will see a 2.4 per cent increase in their Centrelink payments. This adjustment aims to benefit recipients of JobSeeker, Youth Allowance, Austudy, ABSTUDY Living Allowance, Parenting Payment, Special Benefit, and also adjusts the income and assets thresholds for the Age Pension, Disability Support Pension, and Carer Payments.
Additionally, the rates for Family Tax Benefits will also be impacted by these changes. Specifically, the maximum payment for children under 13 will rise to $227 a fortnight, while those for children aged over 13 will increase to $295.82 fortnightly.
Notably, the limits for Paid Parental Leave will also see adjustments, with the individual income cap increasing to $180,007 per year and the combined family income limit set at $373,094.
These modifications are part of a broader indexation strategy that aligns social service payments with economic trends, facilitating financial relief for families and individuals impacted by escalating living costs. Minister for Social Services Tanya Plibersek stated, “From 1 July, millions of recipients of social security payments will see more money in their bank accounts.” She emphasised that benefits like the Family Tax Benefit play a vital role in helping families manage the expenses associated with raising children, particularly during times of rising costs.