The Amount of Subsidies will Raise!
熊猫速汇PandaRemit - 76
Attention please, people in Australia! From March 20th, these subsidies and policies in Australia will change. For those living abroad, it is not only important to care about the exchange rate changes and cross border remittance, but also about the relevant subsidies policies. Today, Panda will introduce these new changes in Australia.
The most serious inflation in Australia weakened the AUD, and influenced exchange rates. Australian government officially announced: welfare will be upgraded, the amount of subsidies will raise from March 20! 4.7 million people will benefit.
The Australian government announced from March 20
All of these subsidies increased
In order to combat the worst inflation surge in 32 years and bring welfare allowance in line with inflation rate, the Australian government announced a number of changes to take effect from March 20.
Source: Daily Mail
Mortgage repayments have soared by 42% in just nine months as wages for Australian workers have failed to keep pace with the cost of living, the amount of subsidies for welfare recipients has been increased again.
Australians who are on a pension or looking for work or studying will see a 3.7% benefit increase in two weeks, after a 4% increase in their benefits in September.
This means the growth rate of Centrelink subsidy they receive is more than twice that of their wages.
Source: 9 News
What benefits are included in this adjustment?
From March 20, single or disability pensioners and carers will receive an additional A$37.50, bringing the two-week allowance to A$1,064. The two-week allowance for couples will increase by A$56.40 to A$1,604.
For single recipients over 22 without children, the JobSeeker and ABSTUDY allowance will increase by A$24.70, and the two-week allowance will rise to A$701.90.
The cost of childcare for single parents will increase by A$33.90 to A$967.90 per fortnight.
Federal rent assistance will increase by A$5.60 for single people, A$6.58 for families with two children and A$7.42 for families with three or more children.
Australia Increases Interest Rates, Inflation Soars
Benefits increase twice as much as wages
Welfare spending rose 3.7%, reflecting an overall rise of 1.8% overall in the September quarter and a 1.9% rise in the December quarter.
According to the data in the latest two quarters of Australian Bureau of Statistics (ABS) , the index rose twice a year, on March 20 and September 20, to reflect growth over a six-month period.
Centrelink benefits increase was twice as much as the increase in wages after the rise of 4% in September and 3.7% this month.
Australian wages grew by 3.3% last year, the fastest in a decade, but well below annual inflation of 7.8%, the lowest level since 1990, meaning workers are suffering a record fall in real wages.
Social Services Minister Amanda Rishworth said the latest welfare spending linked with inflation would go a long way to helping Australia’s welfare recipients cope with the pressures of the cost of living.
“Indexation is the backbone of our social security system and we want every Australian to have more money in their pockets so they can better afford the essentials. Australia’s social security system exists to support our most vulnerable citizens, who we know they are feeling the pinch.”
The Reserve Bank of Australia (RBA) is widely expected to raise interest rates for the 10th time in a row on Tuesday afternoon as welfare recipients pile up more money in their bank accounts while borrowers prepare for more pain.
That would take the cash rate from 3.35% to an 11-year high of 3.6%.
Source: 9 News
After nine consecutive rate hikes, the average annual A$600 thousand repayment on a 30-year mortgage is now almost A$12,000 higher than at the beginning of May 2022.
The reason is that the Commonwealth Bank’s variable interest rate has soared from 2.29% to 5.17% and monthly repayments have climbed from A$2,306 to A$3,284, an increase of 42%.
Another 0.25 percentage point rate hike in March will add another A$93 to A$3,377 a month.
Westpac, ANZ and NAB expect the RBA to raise the cash rate three more times this year, in March, April and May, to an 11-year level of 4.1%.
At a time when Australian inflation continues to soar at a high level, the increase in subsidies can help those who have difficulties, and eligible applicants should not forget to receive.
This month, with the announcement of the RBA monetary meeting decision, lenders are facing another bad news.
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