Income Bank

If you are a student or an Australian Apprentice and earn money from paid work, Income Bank helps you keep more of your income support payment.

You can use Income Bank if you:

  • are a full time student or student with a study load concession
  • participate in full time training
  • are a full time Australian Apprentice

Income Bank allows students and Australian Apprentices who receive Youth Allowance, Austudy or ABSTUDY 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 $437 a fortnight before your income support payment is reduced.

If you earn less income than this amount, the difference between the $437 limit and your income is automatically added to the Income Bank.

For example, if you earn $350 in a fortnight, you will accrue $87 in your Income Bank. That means, in the following payment period you can earn $524 before your payment is reduced.

The maximum amount you can accumulate in your Income Bank is $10,900 if you are a student or $1,000 if you are an Australian Apprentice. The student Income Bank is indexed to the consumer price index on 1 January each year.

If you transfer to another payment such as Youth Allowance as a job seeker or Newstart Allowance, in most situations your income bank credits will automatically transfer over to working credits.

You can check the balance of your Income Bank in your Centrelink online account through myGov.

Manage your money

Getting control of your money can be hard, but we’ve got some great advice and tools to help. Read more about budgeting, borrowing and credit, and managing debt, to help manage your money.

Page last updated: 1 January 2017