The Age Pension has increased in the March indexation, alongside Disability Support Pension and Carer Payment, in the biggest rise in almost a decade.
From 20 March, the payments will grow by $20.10 a fortnight for singles to $987.60, and by $30.20 a fortnight for couples to $1,488.80; additionally, increases to asset test limits will allow more older Australians to access part Pensions.
According to the Minister for Families and Social Services, Anne Ruston (pictured), the increases will give pensioners more purchasing power.
“Pensioners will see a 2.1 per cent increase to their payments – the largest increase since 2013. This is putting money in the pockets of all Australians who rely on our social security system and, in particular, older Australians,” she said.
However, as reported in the Courier-Mail, the increases may not be enough to counter rising cost of living driven by ballooning prices of food, fuel, and other essentials.
The pension increase follows changes to the Home Equity Access Scheme, which allows older Australians to borrow from the Government against the equity in their homes, in January.
