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Melissa Parke today welcomed the latest pension increases for people on aged, disability, and carers pensions due to the Federal Labor Government's improved pension indexation policy.
"We know that local pensioners on a fixed income have the least room to move in their budgets and that's why it's so important that when their cost of living goes up, their pension payment matches it," Ms Parke said.
"There are approximately 20,000 people in the Fremantle electorate who rely on some form of pension."
Single pensioners can expect to receive an increase of around $19.50 per fortnight while couples on a combined maximum rate will see an extra $29.60 in their fortnightly payments. As part of the Government's pension indexing reforms, pensions are now indexed twice a year to whichever is the higher increase of two measures: the Consumer Price Index or the Pensioner and Beneficiary Living Cost Index. Pensions are then compared to the Male Total Average Weekly Earnings benchmark and increased accordingly.
"These historic reforms reflect the fundamental position of the Labor Government, that a strong economy should be the platform for positive reform, renewed social investment, and strong jobs growth," Ms Parke said.
"As part of historic pension reforms, we updated the indexation system to ensure Australian families are better able to deal with upward pressures on the cost of living."
Fremantle pensioners are among 3.4 million Australians benefiting from today's increase.
Following these increases, total pension payments for people on the maximum rate, including the base rate and pension supplement, will be:
Over the last two years the pension reforms have delivered increases to the maximum pension of about $148 per fortnight for singles and $146 per fortnight for couples combined.
"This shows that the Government has listened to the concerns of Australian pensioners and have adjusted the system to ensure that when the cost of living increases, so do pension payments," Ms Parke said.