Adjustments to Super, Veteran’s Pension

Social Development Minister Anne Tolley says Superannuation and Veteran’s Pension rates will increase on 1 April.

The Government has committed to keeping the Superannuation and Veteran’s Pension rates at 66 per cent of average incomes, leading to a 2.73 per cent rise this year.

“This means an increase of $15.74 a week for a married couple, $10.23 a week for a single person living alone and $9.44 for a single person sharing accommodation,” Mrs Tolley says.

In 2011 the Government passed legislation to make sure that main benefits continued to rise with the cost of living, using the Consumers Price Index (CPI) excluding the rise in tobacco excise tax.

“Last year, the rate of inflation was -0.25 per cent, meaning the cost of living has slightly decreased. However benefit rates will be maintained on April 1 this year,” Mrs Tolley says.

“Rates for main beneficiaries and student allowance recipients with dependent children will increase by $25 a week after tax, as part of the Child Hardship Package announced in Budget 2015.

“This is a significant increase for the 103,000 beneficiaries and students with dependent children and recognises that while average incomes have been increasing year on year, benefit rates have not seen any real increase in 43 years.

“Working for Families rates will also increase for low income working families by up to $12.50 and $24.50 for very low income working families. The total package is expected to benefit around half a million children.”