Centrelink is a part of Services Australia, an Australian Government department responsible for delivering a range of government payments and services, including Income support payments, Family and carer payments, Age Pension, Disability Support Pension, Medicare and Child care. Now, More than 936,000 Aussies will see their Centrelink payments Increase on January 1, 2024 as part of Government’s regular indexation.
Aussies receiving youth, student or carer support will receive a 6.0 per cent increase to their payments. Youth allowance will increase by between $22.40 and $45.60 a fortnight, while people on Austudy will receive an extra $36.20-$45.60 a fortnight. People on the disability support pension aged 21 and without children will receive between $31.10 and $44.90 more a fortnight, while the carer allowance will increase by $8.70 a fortnight.
Age pension $4,000 work boost
Indexation: From 1 January 2024, Age Pension and other Centrelink payments will increase by 6.0%. This means a fortnightly boost of $50.50 for single pensioners and $79.20 for couples.
Work Bonus: The maximum Work Bonus income bank will permanently increase from $7,800 to $11,800. This allows pensioners to earn more income from work without impacting their pension payments.
The Work Bonus allows pensioners to earn up to $300 a fortnight from work without their pension payments being impacted.
Any unused part of the $300 fortnightly amount is kept in a Work Bonus income bank. This income bank amount offsets future income from work that would otherwise be assessable under the pension income test.
Under the changes, the maximum amount that can be accrued will be $11,800. Newly eligible pensioners will have a starting balance of $4,000.
Medicare safety nets increased
Medicare safety nets can help lower your out-of-pocket medical expenses. Once you spend a certain amount for out-of-hospital medical services, Medicare gives you a higher amount back for the rest of the year.
These threshold amounts are set each year from January 1. The original Medicare Safety Net will increase from $531.70 to $560.40.
The Extended Medicare Safety Net will increase from $2,414.00 to $2,544.30, while the Extended Medicare Safety Net for concession card holders and families eligible for Family Tax Benefit A will rise from $770.30 to $811.80.