Read the post to learn more about the Cost of Living in Australia: Eligibility, Amount, Payment Dates, and How to Claim it. The Cost of Living is an essential part of measuring the poverty and economic condition of the country. The allowance has been released by the Government of Australia to meet the Cost of expenditure for individuals who have a low income. Read the article to get complete information about the Cost of Living in Australia.
Cost of Living in Australia
As Australia is a wonderful place to roam around, the attractive scenery and beautiful environment make the expenditures quite high. Despite the release of the grant, the residents are stressed with the finances because of the increased rate of inflation. For many families and households, it became difficult to manage the Consumer Price Index of goods and services.
As per the data collected from the Australian Bureau of Statistics, the prices of food have risen by 8%, while the same for travel and accommodation have increased by 12%. Medical services marked a price increase of up to 6.7% and electricity bills marked an increase of up to 12% in the last 12 months.
According to the research, one to eight percent of Australians live below the poverty level. To help around 6 million families maintain a quality of life, the Australian government has invested 1.5 billion. The funding for this year has been enhanced by the government, and each Centrelink category will receive a rise in stipend. The candidates will get a base payment of $250.
Overview Table on the Cost of Living in Australia
| Title of Post | Cost of Living in Australia |
| Country | Australia |
| Category | Finance News |
| Amount | AUD 250 |
| Beneficiary | Low-income individuals |
| Authorised Portal | https://www.servicesaustralia.gov.au |
Eligibility for the Cost of Living in Australia
The discussion has been followed in the above sections; the monthly expenditures are getting quite expensive every day. The federal government of Australia has decided to provide financial support to low-income individuals. The authorities intend to help them with their cost of living as per certain eligibility criteria. The candidates are required to meet the determined criteria to access the amount under the Cost of Living in Australia. In this section, the eligibility criteria for the allowance are discussed:
- The recipient is obliged to be a permanent resident of the country.
- If the applicant has migrated from another country, this is mandatory for them to show a valid visa which reflects the individual’s stay in the particular country for more than 10 years.
- The recipient should be in the country while the payment is being distributed.
- The benefit can be claimed by the widows also but they must have a least history of 104 weeks of residing in the country.
The candidates should be eligible for two liability tests to access the benefit payment. Some crucial tests are mentioned below:
Asset Test: The test helps to verify the viability of the person through the assets. The asset threshold is different for different people. For singles who do not own any property, the least assets threshold is $301,750. This threshold is variable and varies in case individuals have any property tax to be paid, if the asset is the owned house this limit will be $543750. The limit for the married couple owning a house combined, the limit is $451500. In case of having no assets, their threshold is $693500.
Income Test: For singles, the least asset limit is $2937. For a married couple, the minimum property limit is $3666.
Amount disbursed as Cost of Living in Australia 2024
The basic pay of $250 will be disbursed to all the candidates. The additional payment can be allotted to the beneficiaries as per their household requirements.
| Pension Rate | Single | Couple | Common Law-Partners | Marital Separated Partners |
| Basic Pay | AUD 1002 | AUD 755.70 | AUD 1511 | AUD 1002.50 |
| Maximum Pension | AUD 80.10 | AUD 60.40 | AUD 120.80 | AUD 80.10 |
| Max. Energy Supplement | AUD 14.10 | AUD 10.60 | AUD 21.20 | AUD 14.10 |
The entire cash will be put into the Enchanted account, which can only be accessed with a smartcard, and the Income Management Account, which the recipient can access at any time.
Cost of Living Australia: Payment Dates 2024
The payment is granted to the beneficiaries twice a month (after every 15 days). Each payment given under the Centrelink is granted in a fortnight. The next allowance will be received by the allowance. The applicants may expect to receive the next grant in the forthcoming days. With the raised inflation, the payment is also raised as discussed in the sections above. The eligible receivers may observe the increment in the payment in the next paycheck.
Steps to Get the Cost of Living in Australia
The applicant should link their MyGov Account with their Centrelink account to claim the payment benefit. The procedure to claim the allowance is mentioned below.
- Applicants should link their Centrelink account to their bank account through the “My Gov” portal.
- Once registered, applicants qualify for allowances without reapplying.
- Authorities will assess account eligibility for upcoming benefits, notifying through the Centrelink account.
- Approval of the concession card is necessary for receiving allowances.
- Claim amounts via the DVA online account on “My Gov.”
On approval of the account or when the stipend is credited to the bank account, a notice will be received from the officials related to the account status.
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