Are you ready for a bit of extra pocket money?
Millions of Aussies will receive a bit of extra pocket money to help combat the rising cost of living.
With the cost of petrol now sitting at $2.40 a litre, and fruit and vegetables having soared in price - Aussies are really struggling.
As of March 21, singles under the age, disability support and carer payments scheme will receive an extra $20.10 a fortnight, adding up to $987.60.
Couples under the same payments will receive an extra $30.20 a fortnight, adding up to $1,488.00.
Senior Australians will also be able to access part of their pension earlier on as the asset test limit increases.
For a single homeowner, it has increased by $6,750 to $599,750 and for a couple it has gone up by $10,000 to $901,500.
Single Jobseeker recipients will receive a $13.20 jump in their pay up to $629.50, while those under Parenting Payment Singles scheme will get an extra $18.20 to $874.10.
Help for renters will also be increased to $145.80 for singles a fortnight and $193.62 for families.
Social Services Minister Anne Ruston described the 2.1 per cent increase to pension payments as the largest since 2013.
“It gives us a higher weighting to fuel and transport costs in recognition of their significance to pensioners, which helps ensure the rate of the age pension maintains senior Australians’ purchasing power in the economy,” she said.
Labor Leader Anthony Albanese however slammed the Federal Government for being out of touch and claiming the increase would help.
“This government is so out of touch that they’re prepared to spin out there saying how well pensioners are going to be off,” he said.
“When they get to the supermarket to buy products they find that everything‘s gone up.
“The rise in the pension will not keep up with the costs of living. Pensioners are doing it really tough at the moment.”
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