People receiving the Age Pension, JobSeeker, ABSTUDY and Parenting Payment will receive higher payments from today. (Source: AAP\/Getty) <\/p>\n
Millions of Aussie Centrelink recipients<\/a> will see an increase in their payments from today. But it\u2019s a double-edged sword for pensioners<\/a>, who will also see deeming rates increase<\/a> for the first time in half a decade.<\/p>\n More than five million Aussies will benefit from the government\u2019s twice-yearly indexation<\/a>, which happens in March and September. That includes 2.6 million age pensioners<\/a>, along with those receiving JobSeeker, ABSTUDY, Parenting Payment, Commonwealth Rent Assistance, the Disability Support Pension and Carer Payment.<\/p>\n Deeming rates<\/a>, which have remained the same since 2020, have also increased today. The change will impact about 771,000 Centrelink recipients, whose payment rate is impacted by their deemed income.<\/p>\n RELATED<\/p>\n Age Pension recipients will see their maximum fortnightly payment go up to $1,178.70, an increase of $29.70. This takes into account the Pension Supplement and Energy Supplement.<\/p>\n Partnered pensions will see their maximum fortnightly payment increase to $888.50 each, an increase of $22.40.<\/p>\n JobSeeker rates will increase to $793.60 per fortnight, up $12.50, for singles aged 22 or over with no children.<\/p>\n The partnered JobSeeker rate will increase to $726.50 each per fortnight, up $11.40.<\/p>\n ABSTUDY rates will also increase to $793.60 per fortnight, up $12.50, for those aged 22 or over living at home or away from home.<\/p>\n Parenting Payment maximum fortnightly rates will increase to $1,039.70, up $16.20, including the supplement and energy supplement.<\/p>\n Partnered parents will see their rate increase to $734.30 a fortnight, up $11.40.<\/p>\n You can see the full list of increases here<\/a>.<\/p>\n Deeming rates<\/a> have been frozen since 2020, when they were reduced as an emergency measure during the pandemic.<\/p>\n With inflation now easing, the government announced it would be gradually increasing rates to better reflect current rates of return.<\/p>\n From today, a deeming rate of 0.75 per cent will apply to financial assets under $64,200 for singles and $106,200 combined. That\u2019s an increase from the current 0.25 per cent.<\/p>\n Assets over this amount will be deemed at a rate of 2.75 per cent. That\u2019s an increase from the current 2.25 per cent.<\/p>\n Services Australia said you don\u2019t have to do anything in response to the increase.<\/p>\n \u201cWe\u2019ll automatically apply the new deeming rates if you have deemed income,\u201d it said.<\/p>\n Deeming rates are the rates of return the government assumes people earn on their financial assets, including shares, superannuation<\/a> and bank accounts.<\/p>\n The government uses deeming rates to calculate the assumed income pensioners earn, which can affect the income test.<\/p>\n These rates are assumed regardless of your financial assets actual return. That means anything you earn above that rate isn\u2019t counted in the income test.<\/p>\n Around 771,000 people who receive government welfare and who have income from other sources that are affected by deeming rates.<\/p>\n That includes about 460,000 aged pensioners, 96,000 on JobSeeker payments, and 62,000 disability support pension recipients.<\/p>\n Age Pensioners<\/a> will also see changes to their income and asset thresholds today.<\/p>\n The cut-off income threshold to receive a part pension will increase to $2,575.40 for singles, up $59.40 per fortnight. The threshold for couples will increase to $3,934, up $89.60 per fortnight.<\/p>\n The cut-off asset threshold to receive a part pension will increase to $714,500 for single homeowners and $972,500 for single non-homeowners, both up $10,000.<\/p>\n For couples, the cut-off will increase to $1,074,000 for homeowners and $1,332,000 for non-homeowners, both up $15,000.<\/p>\n Singles with taxable incomes below $101,105 and couples with incomes below $161,768 may also be eligible for a Commonwealth Seniors Health Card<\/a> from September 20.<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n