The rising cost of inflation has brought about an increase in the Centrelink payment being provided. The small increase in the benefits will be a huge incentive for the citizens of Australia. Now we have come across the Centrelink Payment Increase August 2024. This increase has come to the asset test threshold limit, income test limits, change in the amount which the beneficiaries are getting per year under the Age Pension. The beneficiaries shall check the Eligibility as to who can get the payment and what is the increase in the amount of the payment for the citizens. This article will guide you with all the updates on the Centrelink payment increase.
Centrelink Payment Increase August 2024
The Government of Australia has been helping the residents living in the Nation with the finances on a monthly or yearly basis. The residents of Australia have been dealing with lack of income and some of them are unemployed. For all the unemployed citizens, Centrelink has been giving them the Youth Allowance benefit which is paid every 2 weeks. The old aged residents are being provided with the Age Pension which is for the basic amount of $1020.60 per fortnight and is given if you are aged 67 years or above. The Family tax Benefit is released to all those families who are unable to raise their children and this is given under 2 parts: Supplement A and B. The residents are also paid the Disability Support Pension if they have any sort of a prolonged disability.
There has been a change in the benefit amount from the month of July 2024 and the residents shall check those increased benefits. The income threshold limit has been increased by $8 for the single individual and $12 for the couples who have been filing their taxes jointly. There has been an increase in the asset free areas by $12250 for the single beneficiaries. You shall check the details regarding the increase in the payments which are given to the beneficiaries through the article provided below.
servicesaustralia.gov.au Centrelink Increase 2024
The inflation is the major reason for the increase in the benefits provided by Centrelink. The benefits have been increased by the amount of say $8 and some of them have been increased by $12. The allowances given to the citizens are said to take a rise by 6% approximately.
| Post Title | Centrelink Payment Increase August 2024 |
| Organization Name | Services Australia |
| Payment Name | Centrelink Payment |
| Payment Types | Jobseeker payment, Youth Allowance, Disability Payment, Age Pension etc |
| Reason for increase in benefit | Inflation |
| Amount of increase | $8 onwards |
| New rates applicable from | July 2024 |
| Post type | Finance |
| Website | servicesaustralia.gov.au |
What Is Centrelink Payment 2024?
- Centrelink Payment is the benefit which is given to the citizens who have been facing issues with lack of finances.
- The Age Pension tends to be the biggest benefit given to the citizens which has also been increased now. The base rate is $1020.60 per fortnight to the single beneficiaries.
- The youth who are looking for a job or are unemployed are given the jobseeker benefit under the Centrelink payments.
- Now the major changes which have occurred are in the asset test limit and the income test limits.
- The age limit for the age pension has also increased and the new changes are applicable from July 2024 onwards.
Increase In Income Test Thresholds
- The income free area has been increased which states that you can earn more and you can still get the full pension.
- For the singles, the rate has been $204 to $212 which is an increase of $8.
- The couples will get an increased rate from $360 to $372 which is $12 change.
- The maximum income which you could earn has also been increased.
Increase In Asset Test Thresholds
- The benefit for single homeowners has been $314000 from $301750.
- The benefit for couple homeowners is $470000 which was $451500
- The amount of benefit for single non homeowners is $566000 which was $543750
- The amount for the couples non homeowners is $722000 from $693500.
Age Pension Rate Changes
- Singles will get an amount of $1116.30 per fortnight which becomes $29028 per year
- Each couple will get an amount of $841.40 per fortnight which is $21876 per year
- The couples together can get a benefit of around $1682.80 per fortnight which is $43753 per year.
- The couples who are apart due to illness will receive a benefit of $2232.60 which is $58048 per year.
Centrelink Payment Changes 2024
| Particulars | Previous rate | New rate | Increase By |
| Income free areas | — | — | — |
| For singles | $204 | $212 | $8 |
| Couples | $360 | $372 | $12 |
| Couples separated | $360 | $372 | $12 |
| Income limits | — | — | — |
| Singles | $2436.60 | $2444.60 | $8 |
| Couples | $3725.60 | $3737.60 | $12 |
| Couples separated | $4825.20 | $4837.20 | $12 |
| Asset test limit | — | — | — |
| Singles | $301750 | $314000 | $12250 |
| Couples | $451500 | $470000 | $18500 |
| Couples separated | $451500 | $470000 | $18500 |
| Family Tax Benefit | $68.46 | $71.26 | $2.80 |
| Energy supplement | $1.40 | $1.40 | – |
FAQs On Centrelink Payment Increase Australia 2024
The increase in the benefit is applicable from 1 July 2024 onwards.
The increase in asset and income test limits has been by $8 and $12 for singles and couples respectively.
The family tax benefit has been increased by $2.80