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":878329,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[304829,304784,304831,304836,304835,304824,304805,304834,304826,304810,304776,304786,304811,278652,304825,87132,304802,304830,304833,160472,184491,201753,304792,304808,297439,304806,304812,304775,304795,304820,304787,304798,304794,304807,75196,23950,31216,304804,304778,45,49,48,16224,304801,17126,304800,304785,304827,304809,133,2998,82296,160911,304788,304819,241507,304797,78450,1571,25278,134,304815,94291,16078,284235,304817,304790,304777,16259,9611,6107,171,131,132,304780,16853,271037,4557,304828,304837,37904,166838,176,304782,304818,304816,304821,304774,19942,304783,304791,304789,304793,304799,304803,304781,304822,285542,304796,304814,304823,304813,304779,1213,304832,149389],"class_list":["post-878328","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-304834","tag-4bn-cash","tag-4bn-uptick","tag-55-60-to-1866","tag-1-25","tag-1-75","tag-278652","tag-15-cents","tag-87132","tag-3-75","tag-5-3-million-australians-the-twice-yearly-increase","tag-5-3-million-people","tag-160472","tag-184491","tag-201753","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-aussies","tag-australians","tag-benefit-increases","tag-benefits-payments","tag-business","tag-ca","tag-canada","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\/ca\/wp-json\/wp\/v2\/posts\/878328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=878328"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/878328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/878329"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=878328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=878328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=878328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}