Payment Increases Scheduled For March
The Australian Government will increase social security payments on 20 March 2026. This change follows the regular indexation process. More than five million Australians will receive higher payments. This group includes over 2.5 million Age Pensioners.
Recipients will see more money in their bank accounts every fortnight. The government uses indexation to maintain the value of support. This process accounts for changes in living costs. It ensures the social security system remains a safety net.
Pensioners To Receive Fortnightly Boost
Single pensioners will receive a boost of $22.20 per fortnight. This increase applies to the Age Pension. It also covers the Disability Support Pension. People on the Carer Payment will see the same rise. Total annual pensions have increased by $5,545 since the current government took office.
Pensioners do not need to take any action. Services Australia will apply the updates automatically. The system calculates these rates using available economic data. Final figures will undergo confirmation in the coming weeks. Official confirmation ensures accuracy for all recipients.
Fortnightly pension boost for single pensioners
Expanded Support For Diverse Groups
Indexation also affects other payment types. People receiving JobSeeker will see an increase. Parenting Payment recipients will receive higher amounts. Students on ABSTUDY aged 22 and over will benefit. These changes support individuals during different life stages.
- Age Pension
- Disability Support Pension
- Carer Payment
- JobSeeker Payment
- Parenting Payment
- ABSTUDY
- Commonwealth Rent Assistance
Commonwealth Rent Assistance will also undergo indexation. This helps people who rent in the private market. The increase assists with the cost of housing. It targets those with lower incomes. The government aims to help people meet their daily needs.
Support For Diverse Groups
Deeming Rate Adjustments Commencing
New deeming rates will start on 20 March 2026. Deeming assesses income from financial assets. It provides a standard way to measure investment earnings. This method ensures the system directs support to those in need. The Australian Government Actuary provided advice on these rates.
The lower deeming rate will become 1.25 per cent. This applies to assets under $64,200 for singles. It applies to $106,200 for couples. The upper rate will move to 3.25 per cent. This rate applies to assets above those specific amounts.
Government Guidance On Financial Assets
The government accepted the recommendations from the Actuary. This marks the first time the Actuary provided such advice. Deeming rates have changed only twice since the government took office. Rates remained frozen during the global pandemic. The new rates remain below historical averages.
People can achieve these rates through standard bank accounts. The advice from the Actuary will become public. This transparency helps people understand the assessment process. The government maintains a commitment to gradual movements. This approach provides stability for social security recipients.
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Quotations From The Minister
The Minister for Social Services, Tanya Plibersek, released a statement. “Thanks to indexation more than five million Aussies should expect to see a boost to their payments.” The Minister highlighted the importance of fairness. She spoke about the value for taxpayers.
“To make sure our social security system delivers value for taxpayers, it must be grounded in fairness, which is why we have made responsible adjustments to deeming rates.” The Minister addressed the future of the system. “We’ll continue to make sure the system is there to support those who need it most, ensuring that everyone can make ends meet and no one gets left behind.”
Social Services Minister Tanya Plibersek
Future Confirmation Of Final Rates
The Department of Social Services will publish the complete list. This list will include all indexed payment rates. It will also detail the new income and asset limits. These figures will appear on the department website soon. The updates reflect the latest inflation and wage data.
Australians can check their eligibility online. The indexation occurs twice every year. This regular cycle provides a predictable increase for many households. The government continues to monitor living costs. It remains focused on the social security framework.
