With winter all but behind us, the official calendar change into spring this coming week will also bring some important changes for millions of Australians. Some potentially more welcome than others. <\/p>\n
The most notable will see Centrelink recipients on some of the country’s biggest support payments<\/a> receive a solid cash boost, to the tune of more than $4 billion in the federal budget. <\/p>\n Another rule change will mean the more than 2.6 million retirees receiving the Age Pension will be able to more freely head overseas without seeing their payments reduced. <\/p>\n RELATED <\/p>\n What Centrelink payments are increasing? <\/p>\n From September 20, major welfare payments will be indexed higher. <\/p>\n For a single person on the Age Pension, it will mean an extra $36.80 per fortnight at the maximum rate, increasing the payment to $1,237.70. For a couple on the Age Pension, the increase will be $55.60 to provide $1,866 per fortnight. <\/p>\n The Jobseeker payment, for someone without kids, will jump by $16.20 a fortnight to $833.70. For parents on the payment, they will see an extra $20.90 to $1,087.20 and couples will be better off by $14.80 to $763 each per fortnight. <\/p>\n Rent Assistance will also be indexed higher, with a single person getting an extra $4.40 and couples an extra $4.20, taking the payment to $223.80 and $211, respectively. <\/p>\n Youth Allowance payments will rise by $20.90 to $1087.20 per fortnight. <\/p>\n Meanwhile the ABSTUDY payment for a single person will rise $16.20 to $833.70 per fortnight. <\/p>\n Social Services Ministers Tanya Plibersek said the changes are “grounded in fairness” and will “help take the pressure off when it comes to cost of living”. <\/p>\n Deeming rates to lift as well <\/p>\n At the same time, the government will also increase the social security deeming rates used to estimate how much income an individual’s financial assets would earn as part of the income test. <\/p>\n That rate will be raised to 1.75 per cent for financial assets up to $66,800 for singles and $110,600 for couples, and 3.75 per cent for any financial assets above the threshold. <\/p>\n While still relatively low, the change will mean some asset rich pensioners will lose out on payments. <\/p>\n Change to travel rule for Aussies on Age Pension <\/p>\n Also from September 20, those receiving the Age Pension will be able to spend double the amount of time travelling overseas<\/a> before their payment is reduced. <\/p>\n That’s thanks to a Centrelink rule change<\/a> hidden in the Federal Budget<\/a> papers in May, and trumpeted<\/a> by Services Australia earlier this month. <\/p>\n “If you travel outside Australia temporarily, you’ll keep the full Pension Supplement for up to 12 weeks instead of the current 6 weeks,” it said. “After 12 weeks, we’ll stop paying Pension Supplement.” <\/p>\n The pension supplement is an extra payment that is paid on top of the base age pension<\/a> to help with living costs like utilities, phone, internet and medicine. <\/p>\n September rate hike now on the cards <\/p>\n What a difference a week makes. After surprisingly stubborn inflation data<\/a> and a shock to the upside in household spending<\/a> this past week, the major banks have changed their tune on the direction of interest rates<\/a>. <\/p>\n NAB says it is now expecting a rate rise when the RBA meets later in September, with the risk of another one in November. <\/p>\n Commonwealth Bank expects the rate hike to come in November, but says the RBA could pull the trigger in September while ANZ is also tipping the increase to wait until November. <\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>. <\/p>\n