I am on a Youth Allowance payment and I also work a casual job with varying hours. Sometimes I receive the full payment just under $500, but other times I get much less than that.
I heard that there is some sort of banking system that affects the amount of money I get, but I am very confused by all of this. Could you please explain why my payments vary?
Dear Nursing Student,
The banking system you are talking about is Centrelink’s way of keeping track of the extra money you are earning. It is called the Student Income Bank. Each fortnight you are allowed to earn $415 without any reduction in your Youth Allowance. If you earn less than $415, the left over carries over to the following fortnight. For example, if you only earned $115 in the first fortnight, you will be allowed to earn $715 ($415 + $300) in the second fortnight. This process keeps going until you’ve accumulated a maximum of $10,100. Your Youth Allowance payment is reduced when you have earned more than your Student Income Bank. That is, by 50 cents in the dollar for amounts between $415 and $496, then by 60 cents in the dollar for income over $496. If you are unsure about whether you have been paid the correct amount, gather all your paperwork and talk to an SRC Caseworker about it.