Five million Aussies to receive cash boost from March 20

From March 20, more than five million Australians — including over 2.5 million pensioners — will receive a provisional indexation increase to several social security payments, and new deeming rates will take effect pending formal confirmation in the coming weeks.

More than five million Australians will receive an increase to several social security payments from March 20. The provisional indexation includes a $22.20 boost to the fortnightly full single Age Pension, raising annual pension levels compared with when Labor took government. The change also affects Disability Support Pension, Carer Payment, Commonwealth Rent Assistance, JobSeeker, ABSTUDY (aged 22 and over) and Parenting Payments. The government says the indexation rate is provisional and will be officially confirmed in the coming weeks. Key details: - The payments increase takes effect from March 20 and covers more than five million people, including over 2.5 million pensioners. - The fortnightly Age Pension increase is $22.20 for those on the full single rate, which the article says has raised annual pension amounts since the government began. - Deeming rates will change on March 20, with the lower rate set at 1.25% for financial assets under $64,200 for singles and $106,200 for couples, and the upper rate at 3.25% for assets above those amounts. - The Australian Government Actuary recommended lifting deeming rates, and the government announced the update as part of its adjustments. - Minister for Social Services Tanya Plibersek was quoted explaining the indexation and deeming adjustments as measures to keep the social security system fair for recipients and taxpayers. - National Seniors Australia and COTA welcomed the pension increase while urging that deeming rate rises be gradual and noting ongoing cost-of-living pressures for many older Australians. Summary: The announced changes will increase several social security payments from March 20 and alter how income from financial assets is assessed through updated deeming rates. The indexation figure is provisional and is to be formally confirmed in the coming weeks.