Growing concerns about one or possibly two more interest rate rises come as a host of the major government benefit payments increase next month.<\/p>\n
September ushers in the biannual uptick on pension, JobSeeker, Youth Allowance, rent assistance and parenting payments for 5.3 million Australians.<\/p>\n
The twice-yearly increase looms as worse-than-expected inflation data released Wednesday ignites the possibility of another interest rate hike next month, but almost certainly guarantees a hike in November.<\/p>\n
If that\u2019s not frightening enough, the cost of stamps goes up 15 cents to $1.85 on September 1.<\/p>\n
The benefit increases kick in September 20. From that day, the maximum pension rate for couples goes up $55.60 to $1866 a fortnight. The highest rate for singles goes up by $36.80 to $1237.70 a fortnight.<\/p>\n
JobSeeker will go up $16.20 to $833.70 per fortnight for a single person without children.<\/p>\n
Parenting payments increase by $20.90 to $1087.20 a fortnight for singles, and $14.80 to $763 per fortnight for partnered recipients.<\/p>\n
Social Services Minister Tanya Plibersek says pensions are 25 per cent higher than when Labor was elected, and people on JobSeeker are getting $4700 more each year since the change of government.<\/p>\n
The September indexation tallies an extra $4bn in payments, spread across 5.3 million people.<\/p>\n
\u201cWhether it\u2019s paying the rent, putting food on the table or covering everyday bills, this extra support will help Australians on income support make ends meet,\u201d Ms Plibersek said.<\/p>\n
\u201cWe\u2019ll 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.\u201d<\/p>\n
Though benefits payments are increasing, the way the government assess someone\u2019s income is being tightened.<\/p>\n
Deeming rates are the figures the government uses to assume a person is making money from their savings accounts, investments and loans, stocks, and payments from their superannuation or life insurance provider.<\/p>\n
The rate of deemed income on assets goes up next month – from 1.25 per cent to 1.75 per cent on assets up to $66,800 for singles, and $110,600 for couples. Any asset over those thresholds, the tax office assumes earns 3.75 per cent each year, and this calculation affects a person\u2019s social security entitlements.<\/p>\n","protected":false},"excerpt":{"rendered":"Growing concerns about one or possibly two more interest rate rises come as a host of the major…\n","protected":false},"author":2,"featured_media":875081,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[423839,444535,444572,444577,444576,444567,444552,444575,444569,444556,444529,444536,444557,371596,444568,130065,444550,444571,444574,146849,233440,255516,404514,444554,406556,384407,444558,381856,444543,444564,444537,444546,444542,444553,25225,64,27621,63,9461,444551,444531,99,32092,444549,26776,444548,380562,141272,444555,186,1295,93571,204180,444538,337926,98466,444545,95260,1788,29705,187,444561,115817,235081,377271,444562,444540,444530,17571,1794,4363,1861,184,185,444533,14825,183832,43157,444570,444578,45987,242924,2004,391983,444563,392039,378384,384850,23023,444534,444541,444539,383419,444547,103578,383393,444565,214758,444544,444560,444566,444559,444532,41313,444573,171130],"class_list":["post-875080","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-s-income","tag-s-social-security-entitlements","tag-1-85","tag-14-80-to-763","tag-16-20-to-833-70","tag-20-90-to-1087-20","tag-36-80-to-1237-70","tag-444575","tag-4bn-cash","tag-4bn-uptick","tag-55-60-to-1866","tag-1-25","tag-1-75","tag-371596","tag-15-cents","tag-130065","tag-3-75","tag-5-3-million-australians-the-twice-yearly-increase","tag-5-3-million-people","tag-146849","tag-233440","tag-255516","tag-a-fortnight","tag-a-fortnight-jobseeker","tag-a-hike","tag-a-host","tag-a-payment-boost","tag-a-person","tag-a-single-person","tag-all-the-changes","tag-an-extra-4bn","tag-and-payments","tag-another-interest-rate-hike","tag-any-asset","tag-assets","tag-au","tag-aussies","tag-australia","tag-australians","tag-benefit-increases","tag-benefits-payments","tag-business","tag-cent","tag-children-parenting-payments-increase","tag-couples","tag-deemed-income","tag-each-year","tag-ends","tag-everyday-bills","tag-finance","tag-food","tag-fortnight","tag-government-benefits","tag-government-the-september-indexation","tag-growing-concerns","tag-income-support","tag-investments-and-loans","tag-jobseeker","tag-labor","tag-millions","tag-money","tag-ms-plibersek","tag-newswire-business","tag-next-month","tag-no-one","tag-november-if","tag-parenting-payments","tag-partnered-recipients-social-services-minister-tanya-plibersek","tag-payments","tag-pension","tag-pensions","tag-people","tag-personal-finance","tag-personalfinance","tag-possibly-two-more-interest-rate","tag-rates","tag-rent-assistance","tag-september","tag-september-20","tag-september-ushers","tag-singles","tag-stamps","tag-stocks","tag-that-day","tag-the-biannual-uptick","tag-the-change","tag-the-cost","tag-the-figures","tag-the-government","tag-the-highest-rate","tag-the-major-government-benefit-payments","tag-the-maximum-pension-rate","tag-the-possibility","tag-the-rent","tag-the-system","tag-the-table","tag-the-tax-office","tag-the-way","tag-their-savings-accounts","tag-their-superannuation-or-life-insurance-provider-the-rate","tag-this-calculation","tag-this-extra-support","tag-those-thresholds","tag-wednesday","tag-worse-than-expected-inflation-data","tag-youth-allowance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/875080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=875080"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/875080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/875081"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=875080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=875080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=875080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}