The time has come around again for CPSA to pull out our handy calculator and figure out how much pensions will go up in September 2024How much will pensions increase in September?
CPSA has calculated the expected changes to the maximum rate of Age Pension, Carer Payment and Disability Support Payment (DSP).
Indexation happens twice each year based on changes to the Consumer Price Index (CPI) and Pensioner and Beneficiary Living Cost Index (PBLCI). In the past six months, CPI has increased by 2% and the PBLCI has gone up by 2.6%.
As a result, the maximum basic rate for these payments will go up by 2.6% and the pension supplement will increase by 2%. This is a definite improvement on the 1.8% increase we saw in March 2024, but unfortunately the higher number reflects increases in the cost of living.
Please note that the figures below are an estimate as the final indexation figures have not yet been released by DSS – however, last time we were accurate within 0.10 cents.
Single/couple separated due to ill health:
Current maximum fortnightly payment: $1,116.3
Expected maximum rate from September: $1,144.4
Increase: $28.10 a fortnight
Couple combined rate:
Current maximum fortnightly payment: $1,682.8
Expected maximum rate from September: $1,725.20
Increase: $42.40 a fortnight
Age Pension,
Disability Support Pension and Carer Payment
Current maximum fortnightly rate Expected rate from September 2024 Amount extra each fortnight Single/Couple separated due to ill health
$1,116.30
$1,144.40 $28.10 Couple (each)
$841.40 $862.60 $21.20
Couple (combined) $1,682.80 $1,725.20 $42.40
How much will JobSeeker increase in September 2024?
The JobSeeker Payment rates are indexed based on the last 2 quarterly CPI increases, as reported by the Australian Bureau of Statistics. On 20 September 2023, JobSeeker Payment rates will most likely increase by 2%.
JobSeeker Payment
Current maximum fortnightly rate Expected rate from September 2024 Amount extra each fortnight
Single, no children
$762.70 $778 $15.30 Single, 55 or older (after 9 continuous months on an income support payment) OR with a dependent child/children $816.90 $833.20 $16.30
Single, principal carer (exempt from mutual obligations due to specific carer responsibilities)
$987.70 $1,007.50 $19.80 Partnered $698.30 $712.30 $14
When to expect the increase
You might expect to see the full pension increase in your next payment after 20 September, but unfortunately that won’t necessarily be the case.
Pensions are paid fortnightly, but they’re calculated based on a daily rate and paid in arrears. This basically means that by the time you get paid, the dates you’re being paid for have already passed.
So, the first payment you receive after the indexation date will be at least a few dollars less than expected, because there will have been a few days in the payment period where the old rate applied rather than the new date.
However, by the time your second payment in October rolls around, you should be receiving the fully indexed payment.
Predictions for next indexation
Recent predictions from the Reserve Bank of Australia suggest that inflation won’t drop to the target rate of 2-3% until late 2026 at the earliest. However, things remain uncertain.
This uncertainty would be less impactful if pensions and payments were indexed more regularly. As things are, those who rely on income support payments are forever playing catch-up with inflation as indexation only occurs once every 6 months, based on price increases that have already happened.
Heard something about a Centrelink bonus?
Unfortunately, we have some bad news for you: it doesn’t exist.
Over the past several months CPSA has received emails and calls asking for information on a Centrelink bonus for pensioners. The amount of money that has been mentioned varies, but is often either $400, $750 or $1,500. Please be aware that no bonus for pensioners has been announced by the Australian Government.
There have been similar payments in the past, but there is nothing in the pipeline currently. You can read more about this misinformation here and here.
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How much will pensions increase in September?
CPSA has calculated the expected changes to the maximum rate of Age Pension, Carer Payment and Disability Support Payment (DSP).
Indexation happens twice each year based on changes to the Consumer Price Index (CPI) and Pensioner and Beneficiary Living Cost Index (PBLCI). In the past six months, CPI has increased by 2% and the PBLCI has gone up by 2.6%.
As a result, the maximum basic rate for these payments will go up by 2.6% and the pension supplement will increase by 2%. This is a definite improvement on the 1.8% increase we saw in March 2024, but unfortunately the higher number reflects increases in the cost of living.
Please note that the figures below are an estimate as the final indexation figures have not yet been released by DSS – however, last time we were accurate within 0.10 cents.
Single/couple separated due to ill health:
Current maximum fortnightly payment: $1,116.3
Expected maximum rate from September: $1,144.4
Increase: $28.10 a fortnight
Couple combined rate:
Current maximum fortnightly payment: $1,682.8
Expected maximum rate from September: $1,725.20
Increase: $42.40 a fortnight
| Age Pension,
| Current maximum fortnightly rate | Expected rate from September 2024 | Amount extra each fortnight |
Single/Couple separated due to ill health | $1,116.30 | $1,144.40 | $28.10 |
Couple (each) | $841.40 | $862.60 | $21.20 |
| Couple (combined) | $1,682.80 | $1,725.20 | $42.40 |
How much will JobSeeker increase in September 2024?
The JobSeeker Payment rates are indexed based on the last 2 quarterly CPI increases, as reported by the Australian Bureau of Statistics. On 20 September 2023, JobSeeker Payment rates will most likely increase by 2%.
| JobSeeker Payment
| Current maximum fortnightly rate | Expected rate from September 2024 | Amount extra each fortnight |
Single, no children | $762.70 | $778 | $15.30 |
| Single, 55 or older (after 9 continuous months on an income support payment) OR with a dependent child/children | $816.90 | $833.20 | $16.30 |
Single, principal carer (exempt from mutual obligations due to specific carer responsibilities) | $987.70 | $1,007.50 | $19.80 |
| Partnered | $698.30 | $712.30 | $14 |
When to expect the increase
You might expect to see the full pension increase in your next payment after 20 September, but unfortunately that won’t necessarily be the case.
Pensions are paid fortnightly, but they’re calculated based on a daily rate and paid in arrears. This basically means that by the time you get paid, the dates you’re being paid for have already passed.
So, the first payment you receive after the indexation date will be at least a few dollars less than expected, because there will have been a few days in the payment period where the old rate applied rather than the new date.
However, by the time your second payment in October rolls around, you should be receiving the fully indexed payment.
Predictions for next indexation
Recent predictions from the Reserve Bank of Australia suggest that inflation won’t drop to the target rate of 2-3% until late 2026 at the earliest. However, things remain uncertain.
This uncertainty would be less impactful if pensions and payments were indexed more regularly. As things are, those who rely on income support payments are forever playing catch-up with inflation as indexation only occurs once every 6 months, based on price increases that have already happened.
Heard something about a Centrelink bonus?
Unfortunately, we have some bad news for you: it doesn’t exist.
Over the past several months CPSA has received emails and calls asking for information on a Centrelink bonus for pensioners. The amount of money that has been mentioned varies, but is often either $400, $750 or $1,500. Please be aware that no bonus for pensioners has been announced by the Australian Government.
There have been similar payments in the past, but there is nothing in the pipeline currently. You can read more about this misinformation here and here.
