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1m Aussies to receive New Year cash boost

AUSTRALIA - NewsWire Photos - General view editorial generic stock photo of Australian cash money currency. Picture: NCA NewsWire / Nicholas Eagar
Aussies battling with the cost of living pressures might be eligible for more financial support in 2024. Picture: NCA NewsWire / Nicholas Eagar

Aussies receiving youth, student or carer support will receive extra cash when some government benefits increase in 2024.

More than 936,000 people receiving the government support payments will see a six per cent indexation raise from January 1.

Youth Allowance payments will increase between $22.40 and $45.60 a fortnight, and those receiving Austudy will get an increase of between $36.20 and $45.60 a fortnight.

HOUSEHOLD SPENDING
Aussies battling with the cost of living pressures might be eligible for more financial support in 2024. Picture: NCA NewsWire / Gaye Gerard.

Those receiving a disability support pension aged under 21 years will receive payment increases of $31.10 to $44.90 a fortnight.

The indexation increase will also mean more than 600,000 carers will receive additional financial support as the carer allowance will increase to $153.50 a fortnight.

Social Services minister Amanda Rishworth said the increases to payments will help more people navigate cost of living pressures.

“Australia’s social security system is a safety net that is continually strengthened and improved to support all vulnerable Australians,” Ms Rishworth said.

“Through regular indexation, our payments are adjusted in line with changes in the cost of living to retain their purchasing power.”

CHALMERS PRESSER
Social Services minister Amanda Rishworth says the indexation raise will help thousands of Australians. Picture: NCA NewsWire / Martin Ollman

The boost in payments follows the government increasing the youth and student payment by $40 a fortnight in September.

It comes as many Australians struggle with the continued rise of cost of living pressures.

The latest annual data from the St Vincent de Paul Society revealed there’s been a 40 per cent rise in calls for assistance or support all over the country in the past year.

NSW had an 18 per cent increase in people seeking assistance over the past year, while in Queensland people calling for general need jumped 15 per cent overall.

St Vincent de Paul staff in Victoria experienced an 18.4 per cent increase in the amount of assistance provided to people coming to the organisation.

Tasmania had a 67 per cent increase in cases managed by case co-ordinators and a 40 per cent rise in complex cases.