For the new financial year on 1 July 2024, Centrelink released its payment schedule, pension specificities, and policy updates. It detailed the changes in Age Pension, JobSeeker, Youth Allowance, Parenting Payment rates, as well as other changes to the Work Bonus. These changes incorporate inflation allowances and represent ongoing government assistance for pensioners, job seekers, and low-income families in the face of increasing living costs.
Pension Amounts for 2024–2025
Centrelink, beginning 1 July 2024, raised benefits for several welfare categories. Age, Disability Support, and Carer Pensions have all been indexed against the Consumer Price Index (CPI) and the Pensioner and Beneficiary Living Cost Index (PBLCI).
The fortnightly maximum rate now stands at $1,116.30 for single Age Pensioners, while couples combined receive $1,682.80. The increased rates also modify the levels of pension supplements and energy supplements, which are still considered a total entitlement.
The below table shows updated pension rates in July 2024:
| Payment Type | Single (per fortnight) | Couple Combined (per fortnight) |
|---|---|---|
| Age Pension (Base Rate) | $1,116.30 | $1,682.80 |
| Disability Support Pension | $1,116.30 | $1,682.80 |
| Carer Payment | $1,116.30 | $1,682.80 |
| Pension Supplement | Included | Included |
| Energy Supplement | Included | Included |
These rates will be reviewed again in March 2025 as part of the biannual indexation process.
Work Bonus Extension for Older Australians
The Work Bonus lets pensioners of Age Pension age earn income from work without their pension payments being reduced. Under the 2024–2025 changes, the Work Bonus income bank remains at its $11,800 annual limit on the amount of work income received without any reduction in pension entitlements.
Included in this is a $300 exemption from work income each fortnight, while the balance of this amount can be carried forward in a personal Work Bonus income bank. This remaining balance facilitates flexibility to those older Australians wishing to remain in the workforce on a part-time or seasonal basis.
The government has advanced an important commitment to keeping these raised levels in place at least through to mid-2025, to promote workforce participation amongst pensioners.
Payment Schedule for Centrelink Recipients in 2024–2025
Centrelink benefits are paid fortnightly on set days, with advances made if payments fall on public holidays. The general rule is that if a payment date falls on a public holiday, recipients will get paid early.
This is a sample Centrelink payment schedule from July to December 2024:
| Fortnight Ending | Expected Date of Payments |
|---|---|
| 5 July 2024 | 8 July 2024 |
| 19 July 2024 | 22 July 2024 |
| 2 August 2024 | 5 August 2024 |
| 16 August 2024 | 19 August 2024 |
| 30 August 2024 | 2 September 2024 |
| 13 September 2024 | 16 September 2024 |
| 27 September 2024 | 30 September 2024 |
| 11 October 2024 | 14 October 2024 |
| 25 October 2024 | 28 October 2024 |
| 8 November 2024 | 11 November 2024 |
| 22 November 2024 | 25 November 2024 |
| 6 December 2024 | 9 December 2024 |
| 20 December 2024 | 23 December 2024 |
Note that payment dates may differ based on your Centrelink account type, whether payments are scheduled through Services Australia or processed via a linked MyGov account.
Youth Allowance and JobSeeker Adjustments
Youth Allowance and JobSeeker payments will continue to increase modestly during the 2024–2025 financial year. The maximum JobSeeker Payment for a single person aged over 22 has increased to $762.70 per fortnight. Youth Allowance recipients can receive up to $639.00 depending on their age, study status, and living arrangements.
These increases intend to lessen financial stresses occurring with rental and living costs that remain ever-high in major cities and regional areas.
Parenting Payments & Family Tax Benefits
Single parents on Parenting Payment (Single) shall continue to receive payment at the rate of $1,096.70 fortnightly, inclusive of supplementary payments. The major change, however, is that more single parents with children aged up to 14 years can now become eligible for the payment, following reforms introduced in 2023, which extended eligibility beyond the former cut-off age of 8.
The Family Tax Benefit (FTB) rates for both A and B have also been indexed and thus will see slight increases in their maximum rates in July. Income limits and taper rates will remain unaltered; however, the Energy Supplement and FTB supplements will be continued for families that are eligible.
Check for Eligibility and Make Updates
Centrelink clients receiving support or applying for similar support are advised to keep their MyGov account updated, especially in light of income and asset test alterations. Income earned through work, investments, and superannuation may affect payments. Income should be reported fortnightly to keep an accurate functioning of your payments.
To check your eligibility, visit the Services Australia website or head to a Centrelink service centre for in-person or phone assistance.
Conclusion
Meaningful changes to the entire set-up around Centrelink payment and support systems will take effect in the 2024–2025 financial year. Whether pensioners, parents, job seekers, or students, it is crucial to stay updated on revised rates, eligibility criteria, and payment dates.