Pensioners will receive an extra $250 in their pockets from today, with the government’s one-off cash payment set to hit bank accounts to help ease the rising cost of living.
Pension Concession Card and Commonwealth Seniors Health Card holders are included in the list of six million eligible recipients receiving the tax-free instalment on Thursday, April 28, which was announced by Treasurer Josh Frydenberg during the Federal Budget.
Treasurer Josh Frydenberg said in a statement that “global factors such as high oil prices due to Russia’s invasion of Ukraine and supply chain disruptions due to COVID are putting pressure on household budgets here at home”.
“That is why in the Budget we committed to a temporary, targeted and responsible cost of living package.
“Today the first batch of the Coalition’s $250 cost of living payments will begin hitting the bank accounts of millions of eligible Australian pensioners, income support recipients, veterans and concession cardholders.”
The Treasurer has previously stated the bonus is intended to only be a “temporary” relief.
I also announce a new one-off $250 Cost of Living Payment, delivered within weeks to 6 million Australians.
— Josh Frydenberg (@JoshFrydenberg) March 29, 2022
Those receiving the payments with be notified via an email from Services Australia when the money has reached their designated bank accounts.
On top of the one off payment, the government recently increased the payments of those receiving the Age Pension, Disability Support Pension and Carer Payment by an extra $20.10 a fortnight for singles to $987.60 and by $30.20 a fortnight for couples combined to $1,488.80.
Minister for Families and Social Services Anne Ruston said the increase was “the largest increase since 2013″.
“Pensioners will see a 2.1 per cent increase to their payments,” she said.
“This is putting money in the pockets of all Australians who rely on our social security system and, in particular, older Australians.
“It gives us a higher weighting to fuel and transport costs in recognition of their significance to pensioners, which helps ensure the rate of the age pension maintains senior Australians’ purchasing power in the economy.”