Nearly one million Australians will receive increased welfare benefits next year.
The government will announce on Monday the highest rate of inflation to pay young people in more than 20 years.
Beginning January 1, the base rate of youth benefits for singles will be increased by at least $19.10 over two weeks, with a maximum increase of $32.40 over two weeks.
This means that for singles, the maximum rate will increase to $569.80 for two weeks.
If you have dependent children, you can expect an increase of $41.40 to $729.60 per two weeks for singles and $35.20 for partners.
Australian beneficiaries can increase the rate from $32.40 to $41.40 per two weeks, depending on their living arrangements and the number of dependent children.
This price increase is not the result of a government decision, but is part of the regular price increase rate that takes place each January in response to changes in inflation.
The Reserve Bank of Australia expects inflation to peak at 8% by the end of 2022.
Youth and student payments are indexed at 6.1%.
Social Services Minister Amanda Richworth said the increase would help ease the burden of the cost of living crisis.
“With the cost of living rising, we need to enable students and young people to cover basic expenses while still being able to focus on their academic and career aspirations,” Richworth said.
People under age 21 with no children receiving a disability assistance pension receive an increase of $27.40 to $40.70 every two weeks. This includes youth disability subsidies.
ABSTUDY and orphaned child support rates will increase, as will moving allowances, double orphan pensions, nursing care allowances and medicine allowances.
Other payout rates and thresholds, such as job seekers and old-age pensions, are indexed at other times of the year.
https://www.theaustralian.com.au/breaking-news/young-people-carers-to-receive-major-payment-increase-to-keep-up-with-inflation/news-story/7f759a1d8cbccb90fc884313e1237139 Youth Allowance: Significant increase for young people and caregivers