Home Information More Than 1.4 Million Australian Families Will See An Increase In Family Payments.

More Than 1.4 Million Australian Families Will See An Increase In Family Payments.

by Jasbinder Singh
More than 1.4 million Australian families will see an increase in family payments.

From July 1, more than 1.4 million Australian families will benefit from an increase in Centrelink payments. To keep up with rising living costs, the federal government has increased the Family Tax Benefit (Parts A and B).

Families with a child under the age of 13 will see their Family Tax Benefit Part A payments increase by up to $204.40 in 2022-23.

Payments will also be increased by a maximum of $255.50 for families with children aged 13 and up.

When a family has a youngest child under the age of five, those receiving Family Tax Benefit Part B will see an increase of up to $164.25 per year.

Families receiving Family Tax Benefit Part B with a child aged five to 18 will receive up to $116.80 more per year.

According to Social Services Minister Amanda Rishworth, the changes will affect more than 1.4 million families.

“The indexation process complements the levers we are pulling across portfolios to help address rising living costs,” she explained.

It was also announced that the amount of income or assets a recipient of an Age Pension, Disability Support Pension, or Carer Payment can have before their payment is affected will be increased.

“Social security and family payments have an inherent safeguard in that they are automatically indexed at regular intervals to help them maintain purchasing power,” Rishworth explained.

Meanwhile, despite economic headwinds, Prime Minister Anthony Albanese remains optimistic that Australia will avoid a recession.

Despite rising inflation and interest rates, the prime minister stated that the country would be able to avoid recessions.

When asked about a recession, Albanese told ABC Radio on Monday, “I’m very confident that the Australian economy can continue to grow, which means we won’t be in that situation.”

“Part of it has to do with economic confidence. Higher demand, of course, is one of the factors driving higher inflation.”

family payments

The remarks come as inflation has reached some of its highest levels in two decades, and the Reserve Bank recently raised official interest rates by the most in a single month since 2000.

Despite the economic difficulties Labor has faced since taking office last month, Albanese remains optimistic about the future.

He declared, “I’m optimistic about Australia’s future. We are positioned as well, with incredible opportunity, not the least of which is that we’re in the region of the world that is growing at the fastest rate in human history, and we have the chance to be a superpower in renewable energy.

The prime minister claimed there was no evidence of a wage-price spiral emerging following the Fair Work Commission’s determination of a 5.2% increase in the minimum wage.

Albanese said, “If you’re one of the lowest-paid employees in Australia, you shouldn’t have a real wage cut, and good on (the Fair Work Commission) for doing so.”

“We have some significant challenges ahead of us, but that is because we had a government stuck in neutral with 22 energy policies, none of which were implemented, and no economic plan for the future.”

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