More dollars in pensioners' pockets

MARCH 20, 2015: PENSIONERS are $51.80 per fortnight better off for singles and $78 per fortnight for couples since the Coalition Government was elected following a further rise in the age pension today.Age pensioners deserve our support and once again the age pension is going up under the Coalition Government. The latest indexing of the age pension coming into effect today will give single age pensioners a $5.90 boost to their fortnightly payments or $153.40 a year while couples will receive an extra $8.80 a fortnight or $228.80 a year.These increases will see the maximum age pension rise to $860.20 a fortnight for single pensioners and $1,296.80 for couples.Today’s boost further exposes the false and misleading scare campaign from Labor and Bill Shorten who claim the age pension has been cut.The increases are in addition to the boost pensioners received from the abolition of the carbon tax and the Coalition Government’s decision to retain the carbon tax compensation of $14.10 per fortnight for single pensioners and $21.20 for couples.When these measures are taken into account pensioners are effectively $66 better off per fortnight for singles and almost $100 better off, with a $99.20 effective increase, for couples since the election.There is also good news for part pensioners. Income tested part-pensioners will receive a double boost to their payments from today as lower deeming rates come into effect amounting to $200 million in additional payments over the forward estimates.On average the region’s part pensioners will get an extra $3.20 a fortnight or $83.20 a year as a result of this Coalition Government decision. Combined with today’s indexation, age pensioners across Australia will receive $22 million in increased payments every fortnight or more than half a billion a year.Today’s indexation of the pension occurred in line with the Consumer Price Index. If since the last election pensions had only been indexed to Male Total Average Weekly Earnings then single age pensioners would currently be $22.40 worse off a fortnight and couples $16.80 worse off.The Coalition Government is committed to ensuring our welfare system looks after those who need it most and that this assistance is sustainable. Our welfare system must assist not only those who need it today but those who will come to rely on it in the future.The Newstart Allowance, Parenting Payment Partnered, Widow Allowance, Partner Allowance and Sickness Allowance will also increase as a result of today’s indexation.Full details of all rates and thresholds indexed today can be found at https://www.dss.gov.au/about-the-department/benefits-payments