Newscorp, citing senior ministers as sources, reported when Treasurer Josh Frydenberg hands down his mini-budget in July, he would announce the JobSeeker payments would rise from $40 to $75 per day. 

But on Sunday, Senator Ruston said these reports were "factually incorrect".

"There is no submission to the effect that has been reported in the paper that is currently before me or I'm aware of," Ms Ruston said.

"Given I'm the Social Services Minister you'd like to think I'd be aware of it.

"I know of no such proposal and you can read into that what you'd like."

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Target Saver

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        For customers aged 14-35 years
        For customers aged 14-35 years

        Future Saver Account ( < $50k)

          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest

          Goal Saver

          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest
          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account (31 years +) ($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            Important Information and Comparison Rate Warning

                            All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 10, 2023. View disclaimer.

                            JobSeeker, formerly Newstart, was doubled to $1,100 a fortnight as COVID-19 sent the economy into an effective hibernation. 

                            It's due to return to it's original $550 a fortnight on September 27, when the JobKeeper scheme is also scheduled to end. 

                            Ms Ruston said both schemes were currently being reviewed and no decision had yet been made. 

                            She said the Government was focussing on supporting those who would still be experiencing financial hardship after September.

                            "We are working in that environment of transition at the moment, we are not looking at the long-term," she said.

                            The Senator said the Government was committed to creating jobs and returning the economy to normality by easing restrictions. 

                            “We’re looking around the states and territories to open up their economies so we can recreate jobs so we can get people who have found themselves unemployed through this pandemic, or on JobKeeper because their businesses had to shut down, slowdown, or step back, to make sure that those jobs are recreated so we can get Australians back to work.”

                            Labor frontbencher Tanya Plibersek told Sky News on Sunday that huge numbers of Australians would struggle to live if the payment returned to pre-COVID levels of $40 a day. 

                            "It is an inadequate payment, it doesn't allow people to live with dignity," Ms Plibersek said. 

                            "We now have hundreds of thousands of extra people joining the dole queue, people who have been working full time until very recently that would very much struggle if what's now called JobSeeker went back to the old Newstart rate."

                            An increase to dole payments has been advocated for by Labor, the Greens, and welfare groups long before the pandemic struck, but the coalition had remained firm that no increase is necessary.

                            Although the Prime Minister and his Cabinet have reaffirmed the increased JobSeeker payments and JobKeeper are temporary, the most recent unemployment figures may give them cause to reconsider.

                            The Australian Bureau of Statistics (ABS) revealed the unemployment rate increased to 7.1% in May, from 6.4% in April.

                            The numbers were far worse than predicted, with 800,00 people losing their jobs since the start of the pandemic. 

                            Many economists have forecast the rate will stay above 7% until the end of 2021 and hit 10% before the end of this year.