Australian Government Boosts Social Security Payments By Up To AU$41.50

The Australian government has announced a significant increase in social security payments to support over five million people in low-income households. Starting Friday, Australians will see an increase of up to AU$41.50 in their social security payments every two weeks.

In addition, people with Commonwealth Rent Assistance will also have their payments boosted by AU$23 a fortnight.

Beneficiaries will include those on the jobseeker payment, age pension, disability support pension, carer payment, family tax benefit, and commonwealth rent assistance, reported News.com.au.

A AU$15.30 increase will be given to jobseeker payment recipients every two weeks, making the total amount for singles AU$786.80 and a AU$28 rise for couples, taking their total to AU$1,440.40. People who get jobseeker payments, but have limited work capacity, will be moved up to a higher payment tier, which will result in a biweekly rise of AU$71.20.

Parenting Payment recipients, who are single, will receive AU$19.80 a fortnight to AU$1,026.30; while couples will receive an extra AU$28 a fortnight to AU$1,447.20. Disability Support Pension, Age Pension, and Carer Payment recipients will also reap substantial benefits -- single recipients will receive an additional AU$28.10 (totaling AU$1,144.40) every fortnight, while couples will receive an additional AU$42.40 (totaling AU$1,725.20), reported TresorFX.

The social security payment increase announcement comes as the Reserve Bank of Australia (RBA) is gearing up to deliver its decision Tuesday on whether the 4.35% cash rate would be hiked, cut, or maintained.

However, with Australia's unemployment data holding steady at 4.2%, rate cuts are unlikely.