If you want to find out more, call the Youth Allowance and Austudy line, on 132 490, or the ABSTUDY line, on 132 317
Income Bank allows students and Australian Apprentices who receive an income support payment to build up income credits.
As an Australian Apprentice, full-time student or a student with a study load concession, you can earn up to $405 a fortnight before your Centrelink payment is reduced.
If you earn or receive less income than this amount, the difference between the $405 limit and your income is added to the Income Bank.
For example, if you earn $350 in a fortnight, you will accrue $55 in your Income Bank. That means in the following payment period you can earn $455 before your payment is reduced.
The maximum amount you can accumulate in your Income Bank is $10,100 if you are a student or $1000 if you are an Australian Apprentice. The student Income Bank will be indexed to the CPI on 1 January each year, starting from 1 January 2013.
The Income Bank is available to people on Youth Allowance, Austudy and ABSTUDY Living Allowance who:
- are full-time students or students with a study load concession
- participate in full-time training
- are full-time Australian Apprentices.
If you want to find out more, call the Youth Allowance and Austudy line on 132 490 or the ABSTUDY line Freecall TM on
1800 132 317.