NT pensioners and those in financial difficulty will receive increased social security payments due to indexation adjustments by the Federal Government, effective March 20, but Council on the Ageing NT says the increase is not enough to meet skyrocketing living costs.

Single pensioners will see an annual increase of $3,913, while couples will gain $5,902. Jobseekers, single parents, and individuals on Commonwealth Rent Assistance will also see increased payments from the indexation changes.

Council on the Ageing NT (COTA NT) chief executive officer Sue Shearer stated that the recent increase is inadequate for pensioners to manage the rising cost of living, particularly in the Territory.

Ms Shearer pointed out that many retirees find it difficult to keep up with their rental expenses, noting that the Territory has one of the highest rates of individuals living in private rental accommodations.

“While the Albanese Government will provide more incentives to lower cost-of-living pressures for pensioners – it is still not enough. The average pensioner, if they don’t own their home, is living on the poverty line,” she told the NT News.

“How can you survive on a single pension of just over $1000 per fortnight when rent is $300 to $400 each week?”

Ms Shearer called for reforms to the pension system to enable seniors to enhance their income without facing financial penalties.

“During a skill shortage, especially in the NT, why can’t pensioners earn at least $15,000 to $20,000 to supplement their pension without paying 48 cents in the dollar?” she said.

Federal Minister for Social Services Amanda Rishworth said the government is dedicated to alleviating older Australians’ cost-of-living challenges.

Ms Rishworth said that over the past three years, efforts have been made to enhance the social security system, ensuring it supports Australians at every age and life stage. She added that regular adjustments to pensions and payments are vital for providing financial support to seniors.

“For pensioners and other payment recipients receiving this financial boost, this will help ease some pressure.”