Parents are set to get a financial boost with increases to social security payments.
A range of welfare payments will rise by 2.4 per cent from the beginning of July as part of indexation, the increases in line with inflation.
The changes will see recipients of family tax benefit part A, which helps with the cost of raising children, rise by $5.32 a fortnight to $227.36 for those with children up to 12 years old.
For parents receiving the payments with children between 13 and 15, the payment will increase by $7 to $295.82 a fortnight.
The maximum rate of family tax benefit part B, which is paid to single parents, will rise to $193.34 a fortnight for children aged up to five, while those raising children over five will see the rate increase to $134.96.
Social Services Minister Tanya Plibersek said the increases will help relieve cost-of-living pressures.
“From July 1, millions of recipients of social security payments will see more money in their back account,” she said.
“Payments like the family tax benefit help cover the costs of raising children for many Australian families and indexation is a crucial way to help families when cost of living rises.”
It’s estimated 2.4 million people will benefit from the indexation changes.
The threshold for new parents to receive paid parental leave will also rise from the beginning of July.
The cap for individuals will be boosted to $180,007 a year, while the upper limit for families to receive the payments will be $373,094.
Source: AAP
