New details emerge on the $250 cash payment

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A cash increase of $250 is expected to be announced in the federal budget.

The federal government will announce a one-time cash payment of $250 to retirees and low-income people in tomorrow’s budget.

The cash boost is part of the government’s bid to offset the rising cost of living, with many Australians feeling the pinch at the grocery store and petrol pump.

It was previously reported that the payouts would be between $200 and $400, but it is now believed that they will be capped at $250.

Services Australia is expected to issue payment within a few weeks.

The cash bonus should only go to retirees and other low-income families who depend on income support,

Central Link Boost

It comes after confirmation that Centrelink beneficiaries will receive an increase in their payments.

The increase means an increase of $20.10 per fortnight for individuals at $987.60 and an increase of $30.20 for couples combined at $1,488.80.

Asset assessment limits will also be stretched to allow more people to access a partial pension, with the cap rising from $6,750 to $599,750 for single owners.

Owner couples will see a $10,000 increase in the asset cap to $901,500.

Almost 5 million Australians will benefit from the three rising payments.

Rising cost of living

During 2021, strong recovery.

From 2017 to early 2021, the annual inflation rate averaged just 1.5%, which was one of the longest periods of low inflation in Australian history.

However, in the June quarter of 2021, inflation climbed to 3.8% and ended 2021 at 3.5%.

There have been calls to increase the disability pension by $100 a fortnight to improve living standards, the $987.60 payment soon to be paid remains well below the national minimum wage of $1,545 a fortnight .

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