PRIME MINISTER

TREASURER

MINISTER FOR FAMILIES

 

$4.8 BILLION DOWN PAYMENTS TO HELP PENSIONERS,

SENIORS, AND CARERS

 

11,927 local residents in Melbourne Ports will benefit from a $4.8 billion down payment to Australia's four million pensioners, carers, seniors and veterans it will provide them with immediate financial help in the lead up to comprehensive reform of the pension system.

This decisive action is part of the Rudd Government's $10.4 billion Economic Security Strategy to boost the Australian economy and support pensioners and families during the global financial crisis.

The $4.8 billion down payment will be made available through a lump sum payment of $1,400 to singles and $2,100 to couples, which will benefit:    

• Age Pensioners;
• Disability Support Pensioners;
• Carer Payment recipients;
• Wife and Widow B Pensioners; Partner, Widow and Bereavement Allowees;
• Veterans Affairs Service Pensioners;
• Veterans Income Support Supplement recipients;
• Veterans Affairs Gold Card holders eligible for Seniors Concession Allowance;
• Those of age pension age who receive Parenting Payment, Special Benefit, or Austudy; and
• Eligible Self Funded retirees holding a Commonwealth Senior Health Card (CSHC)

People who are receiving Carer Allowance will also receive $1,000 for each eligible person being cared for. 

All payments will be made automatically through Centrelink and the Department of Veterans Affairs in the fortnight beginning 8 December 2008.

The Government's Economic Security Strategy also includes help for self-funded retirees, who are eligible for a Seniors Concession Allowance or hold a Commonwealth Seniors Health Card.

They will receive a payment of $1,400 if they are single or $2,100 for couples. 

The Government is closely monitoring the global financial crisis and its impact on pensioners.

In the last week financial markets experienced a significant fall in share values, resulting in substantial reductions in the value of pensioner financial assets.

The Government has asked Centrelink to quickly update their system with the current value of any investments, including shares, that pensioners might hold.

This will ensure that pension payments are based on the most up-to-date asset values available.

Payments will be non taxable and not included for income testing purposes.

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