Welfare payment boost to help 4.7 million Australians as cost of living bites

Soaring cost of living pressures for almost five million Australians will be eased with welfare payments set to rise significantly later this month.

The Abbott government's review of the welfare payments system will cost taxpayers $1.7 million. (AAP)

More than 4.7 million Australians struggling to cope with cost of living pressures are in line for a helping hand.

Social Services Minister Amanda Rishworth says an indexation increase to welfare payments set to kick in on 20 September will be the largest in more than 30 years for allowances and 12 years for pensions.

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