May 28, 2012

Extra cash for thousands of local pensioners

Thousands of Inner West pensioners are set to get extra support to help them make ends meet, with over $4 million worth of new cash payments hitting local households from today.

Almost 20,000 pensioners in the local area will receive a cash payment over the coming weeks, ahead of the introduction of the carbon price on 1 July.

The world’s climate is warming and increasing levels of carbon pollution risk environmental and economic damage. A price on carbon is the most environmentally effective and economically efficient way to reduce that pollution.

To help households adjust to the introduction of the carbon price, more than half of the revenue raised will be given to them primarily in the form of tax cuts, higher family payments and increases in pensions and allowances. As a result, millions of households will be better off, even after business has passed through costs from the carbon price.

All full and part pensioners will receive a lump sum payment of $250 for singles and $380 for couples combined.

This extra cash will go straight into pensioners’ bank accounts to help them keep on top of the bills.

We get how tough it is for pensioners. It’s why we’ve already delivered historic increases to the pension, and it’s why we are delivering this extra boost right now.

Pensioners will get another boost next year, with an ongoing increase to their fortnightly payments from March.

In total, local pensioners will get about $338 extra a year for singles and $510 extra a year for couples combined.

As part of our Household Assistance Package, we’re taking extra care to make sure pensioners have the support they need to keep up with the cost of living.