Happy New Year, folks! If you’re starting off this year hoping that the cost of living crisis will be easing up soon, you’re certainly not alone. While we’re not yet sure of how things will go, one thing we can say is that certain Centrelink support payments have received a welcome increase this year as of January 1, 2024.
If you’re wondering what that means for you and your wallet, here is a quick guide to all the Centrelink support changes that have come into effect in 2024 so far.
Centrelink support payment increases for 2024
In early December, the Department of Social Services announced that Aussies receiving youth, student or carer support payments would see a bump in their rates to bring the payments in line with indexation, which took effect as of January 1.
This announcement confirmed that rates for these specific Centrelink payments would increase by 6 per cent.
Minister for Social Services Amanda Rishworth, shared a statement on these changes, highlighting that the increases are in line with cost of living changes in Australia.
“Australia’s social security system is a safety net that is continually strengthened and improved to support all vulnerable Australians,” she said.
“Through regular indexation, our payments are adjusted in line with changes in the cost of living to retain their purchasing power.”
Here is a quick look at the Centrelink support payments that will see increases in 2024:
- Youth Allowance payments for young job seekers and students receive an increase of between $22.40 and $45.60 a fortnight
- Austudy payments will increase between $36.20 and $45.60 a fortnight
- Disability Support Pension Centrelink payments for those under 21 will increase by between $31.10 to $44.90 a fortnight
- Carer Allowance will increase to $153.50 a fortnight
You can find a full breakdown of the social services indexation rate changes for January 2024 here.
In addition to the above, Services Australia announced that as of January 1, the Work Bonus will also be increasing. This support payment change will impact folks of Age Pension age who are receiving Centrelink payments for Age Pension, Disability Pension or Carer Payment.
According to Services Australia, “Age Pension age customers can accrue up to $11,800 of Work Bonus to offset against eligible income before affecting their payment.” This is up from the previous rate of $7,800.
You can read more about this here.
If you’d like to compare where we were sitting for 2023 in Australia, you can see all the rates Centrelink announced for last year here.
And keep a keen eye because we’ll update this piece with any new relevant details.
Lead Image Credit: iStock
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