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Millions of Australians will soon receive the biggest upwards adjustment to welfare payments in nearly a decade, thanks to the one-off spike in CPI caused by the pandemic:
Recipients of youth, student and carer allowances will benefit from the boost to their payments from January 1 after the indexation rate was raised to 3.5 per cent – the highest since 2012.
Young people on Youth Allowance will increase by $17.90 per fortnight to $537.40, while those over 18 will receive a $12.40 raise bringing their fortnightly payments to $371.60.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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