Over a million Australians are set to benefit from a financial boost in just under a month.

Social Services Minister Tanya Plibersek announced today that a fresh round of indexation will see an increase in social security payments. This change will benefit those receiving youth allowance, Austudy, ABSTUDY, the youth disability pension, and carer allowances.

The updated payments are scheduled to take effect on January 1, 2026.

For example, a single adult living independently without dependents and receiving youth allowance will have their maximum fortnightly payment raised to $684.20.

Additionally, income thresholds for student payments will rise, along with the parental income test threshold for Youth Allowance and ABSTUDY.

About 680,000 people receiving the carer allowance will see their payments increase to $162.60 a fortnight.

This is in addition to carer supplement payments and other social security support that carers may also be receiving.

“Thanks to indexation, more than one million Aussies balancing study or caring responsibilities will receive a boost to their payments,” Plibersek said.