Thanks to indexation of payments in line with inflation, around 18,000 Age Pensioners in Blair will see more money in their bank account every fortnight.
The Albanese Government expects that people receiving the full single rate of Age Pension, Disability Support Pension or Carer Payment will likely see a $22.20 boost
to their fortnightly payment.
This latest increase will mean Age Pension recipients will receive $5,545 a year
more now compared to when Labor came to government.
People receiving Commonwealth Rent Assistance, JobSeeker, ABSTUDY (aged 22 and over), and Parenting Payment will also see an increase to their payment.
These tentative indexation rates are based on available data and will be officially confirmed once final data is available in coming weeks.
The Government has accepted a recommendation from the independent Australian Government Actuary (AGA) to lift deeming rates from 20 March.
Deeming is a simplified way of assessing how much income people can earn from their financial assets and is a fair way to ensure our social security system directs support to those who are most in need.
The lower deeming rate will be updated to 1.25% for financial assets under $64,200 for singles and $106,200 for couples combined, and the upper rate will be 3.25% for financial assets over these amounts.
The change is consistent with the Government’s commitment that any deeming rate movements be gradual, and it is only the second time deeming rates have changed since Labor came to government after they were frozen during the pandemic.
The new rates are still well below historical averages and the AGA advises they are achievable through investments like readily available savings accounts at a major bank.
The deeming changes will commence from 20 March 2026, on the same day as regular indexation.
The complete list of payment rates being indexed on 20 March, including income and asset limits, are available on the Department of Social Services website at: https://www.dss.gov.au/income-support-payments/resource/indexation-rates-march2026
Federal Member for Blair Shayne Neumann said that increases to social security payments ensured people receiving support were able to better deal with cost of living pressures. “We’ll continue to make sure the system is there to support those who need it most, so that everyone can make ends meet and no one gets left behind,” Mr Neumann said.
“Australia’s social security system is a safety net that is continually strengthened and improved to support all vulnerable Australians. “The indexation increase is putting more money into the hip pockets of locals who rely on the social security system for support and providing valuable cost-of-living
relief.”
Mr Neumann said the Albanese Labor Government was committed to easing cost-of-living pressures for all Australians, through measures like increased rent assistance, free TAFE, cheaper child care, and pay rises for minimum and award wage workers.
“We are delivering two more rounds of tax cuts for all 80,000 taxpayers in Blair next year and the year after, and we have supported more bulk billing since 1 November, made medicines even cheaper from 1 January, and cut student debt by 20 per cent for 23,000 people in Blair,” he said.
