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Post by bunyip on Jan 25, 2024 8:09:33 GMT 7
THeres been taxcuts to help people cost of living, do you think DSP s or pensioners might get something
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Post by genx on Jan 25, 2024 9:05:23 GMT 7
THeres been taxcuts to help people cost of living, do you think DSP s or pensioners might get something Probably 6% increase on March 20 and September 20. There won't be any cash handouts.
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Post by bunyip on Jan 25, 2024 9:26:55 GMT 7
6% sounds good, where did you hear that
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Post by genx on Jan 25, 2024 9:59:48 GMT 7
6% sounds good, where did you hear that 6% is the rate of inflation in 2023. So in 2024, we should get an increase of 6% in accordance with the CPI.
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Post by Denis-NFA on Jan 27, 2024 13:25:02 GMT 7
6% sounds good, where did you hear that 6% is the rate of inflation in 2023. So in 2024, we should get an increase of 6% in accordance with the CPI. genxI'll still only believe it when I see it though... There will be some really good reason whatever the payment amount is going to be... lol
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Post by itsmylife08 on Jan 29, 2024 14:54:59 GMT 7
6% surely you jest,just my opinion a snowball has a better chance of survival in hell than we have of getting 6%.
And the reason is we've been conditioned over the years to accept less and less each year for the better of the whole country.(National Pride they used to call it, during the war years)
This is going on while politicians of every ilk sit at the top trough and gorge themselves at at our expense.
I could ramble on and on but at the expense of bringing this forum into disrepute, enough said take care and enjoy life while you can.
Cheers Itsa 😁
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Post by bear on Jan 29, 2024 18:48:25 GMT 7
In the past I've tried unsuccessfully to correlate the alleged CPI percentage rate to my fortnightly rate. It has always come out more than the woeful increase we get due to strings and mirrors...... Food inflation, Headline inflation and whatever other polly waffle they trot out. March will be no different and nowhere near 6% according to the markets. "Australia’s consumer price increases, meanwhile, are predicted to lower from 6.6% in 2022 to 5.3% in 2023 and 3.2% the following year. The predictions are loosely in line with the RBA’s estimate for CPI to be recorded at 4.75% this year and 3.5% in 2024." www.forbes.com/advisor/au/personal-finance/inflation-rateaustralia/#:~:text=Australia's%20consumer%20price%20increases%2C%20meanwhile,year%20and%203.5%25%20in%202024.
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Post by genx on Jan 30, 2024 15:08:42 GMT 7
In the past I've tried unsuccessfully to correlate the alleged CPI percentage rate to my fortnightly rate. It has always come out more than the woeful increase we get due to strings and mirrors...... We will know at the next full payment after March 20.
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Post by Denis-NFA on Jan 30, 2024 19:05:54 GMT 7
For those of us living overseas, the exchange rate has a very big impact as well as any increase in the pension rate.
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Post by mikey on Feb 3, 2024 4:03:38 GMT 7
The increase will be only around 2% in march, as inflation down to 4% in Dec. It was 6% in June 2023 and 7.8% last Dec 2022.
(Always halve it, since its 6 monthly increase not annually).
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Post by Denis-NFA on Feb 3, 2024 18:56:34 GMT 7
We have a range from 6% to 2%... that's why I say believe it when you see it. Based on the current annual pension base rate I calculate, Annual CPI Rate Annual Fortnightly 4 Weekly Base Rate Increase Increase Increase $ % $ $ $ 26,065.00 6.00% 1,563.90 60.15 120.30 26,065.00 5.00% 1,303.25 50.12 100.25 26,065.00 4.00% 1,042.60 40.10 80.20 26,065.00 3.00% 781.95 30.07 60.15 26,065.00 2.00% 521.30 20.05 40.10 26,065.00 1.00% 260.65 10.02 20.05 Your choice! Because I'm on 4 weekly payments I won't see the full increase until my May payment anyway. bear, its all neat until I hit enter so folks will have to imagine the columns...lol
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Post by bear on Feb 3, 2024 21:04:33 GMT 7
Yeah nah; as I said above Denis-NFA. Although mikey makes a very valid point that I hadn't considered before and that is to halve it....... No wonder I couldn't get it to add up!! Cheers 🐻
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Post by highlander4000 on Feb 4, 2024 17:23:13 GMT 7
I was of the opinion the march increase was based on the third and 4th quarters for cpi. But I think theres two other factors at play and they take the highest one for the pension increase and it's based on between June and December for the march increase. I'll post this below. Nearly three-quarters of Australian retirees will receive a ‘pay rise’ on 20 September when the Age Pension is next indexed. This indexation occurs twice a year, on 20 March and 20 September. It is the method by which the payment rates of the Age Pension are kept ‘real’ in terms of inflation, cost of living and movements in wages. The three key components of indexation are: Consumer Price Index (CPI) Pensioner Beneficiary Living Cost Index (PBLCI) Male Total Average Weekly Earnings (MTAWE) By keeping up to date with this data, we can fairly accurately predict the indexation weeks before it comes through. Based upon the latest metrics, our calculations suggest a 3.2% increase. Let’s look at each of the above components of Age Pension indexation to explain how this works. Consumer Price Index (CPI) This is a measurement of selected consumer prices over the past month, six months and year. The increase that is used for September indexation is the same for both CPI and PBLCI, the six months change between December 2022 – June 2023. During this time the CPI rose by 2.2%. Pensioner Beneficiary Living Cost Index (PBLCI) Living Cost Indexes (LCIs) measures the price change of goods and services and its effect on living expenses of selected household types. The PBLCI measures the living costs for Age Pensioners and other ‘government transfer’ recipient households, i.e. households that source most of their income from government pensions. Over the indexation period (December 2022 – June 2023) the PBLCI rose by 3.2%. Male Total Average Weekly Earnings (MTAWE) This index measures the six-monthly movement in the average weekly ordinary time earnings of full-time adults, seasonally adjusted. Essentially a couple’s full Age Pension amount must be at least 41.76% of MTAWE. Age Pension rates have actually grown faster than MTAWE over recent years and this measure hasn’t impacted Age Pension indexation for 14 years. lci cpi So you can now see how these sums work. The PBLCI, at 3.2% is higher than the CPI at 2.2%, so it is the main index upon which rates will be benchmarked. September 2023 Age Pension increases The Federal Government have confirmed the new payment rates from 20 September 2023 for recipients of the Age Pension, Disability Support Pension, and Carer Payments. Singles can expect an increase of $32.70 a fortnight and couples can expect an increase of $24.70 a fortnight. retirementessentials.com.au/news/centrelink-age-pension/september-pension-increase-how-much-extra-will-you-get/
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Post by Denis-NFA on Feb 5, 2024 16:49:00 GMT 7
I just watch the exchange rate.
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Post by itsmylife08 on Feb 5, 2024 17:10:12 GMT 7
I just watch the exchange rate. Ditto mate Itsa
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