Government Age Pension payments increased on 20 March, so if you're one of the millions of eligible Australians, you’ll have a little more to spend.

The increases are designed to help address inflation and cost-of-living increases. Here’s what happened.

Age Pension payments increase in March 2024 due to indexation

Here are the maximum Age Pension payment rates that came into effect from 20 March, which are paid fortnightly, along with their respective annual equivalents. Single payments rose by $19.60 per fortnight, while combined payments for couples increased by $29.40.

Maximum Age Pension payments from 20 March 2024
Fortnightly*
Annually*
Single
Fortnightly*
Single

$1,116.30

Annually*
Single

$29,023.80

Previous payment
Fortnightly*
Previous payment

$1,096.70

Annually*
Previous payment

$28,514.20

Couple (each)
Fortnightly*
Couple (each)

$841.40

Annually*
Couple (each)

$21,876.40

Previous payment
Fortnightly*
Previous payment

$826.70

Annually*
Previous payment

$21,494.20

Couple (combined)
Fortnightly*
Couple (combined)

$1,682.80

Annually*
Couple (combined)

$43,752.80

Previous payment
Fortnightly*
Previous payment

$1,653.40 

Annually*
Previous payment

$42,988.40

*Includes basic rate plus maximum pension and energy supplements


The payment rate increased 1.8%, indexed to inflation. Payments last increased in September 2023, and are likely to change again when they are next assessed this coming September.

 

Tip: Depending on how much super you have, you may be eligible to receive Age Pension payments in addition to income from your super savings. Check your potential payments here.

Income and assets test thresholds increase for the Age Pension

The government reviews the Age Pension income and assets test thresholds in July each year. The upper thresholds also increase in March and September each year in line with Age Pension payment increases.

 

Whether you are eligible for the Age Pension depends on your age, residency, and your income and assets.

 

If your income and assets are below certain limits (also known as thresholds), you may be eligible. 

 

When determining how much you’re entitled to receive under the income and assets tests, the test that results in the lower amount of Age Pension applies.

 

Here are the income and assets test thresholds that apply as at 20 March, compared with previous thresholds. 

Assets test thresholds comparison

The lower assets test threshold determines the point where the full Age Pension starts to reduce, while the upper assets test thresholds determine what the cut-off points are for the part Age Pension. 

 

If the value of your assets falls between the lower and upper assets test thresholds, your entitlement will reduce. 

 

The higher your assessable assets, the lower the amount of Age Pension you are eligible to receive.

 

Your family home is exempt from the assets test but, your investments, household contents and motor vehicles may be included.

Asset test thresholds from 20 March 2024
Full Age Pension limit
Part Age Pension cut-off
Single - Homeowner
Full Age Pension limit
Single - Homeowner

$301,750 (unchanged)

Part Age Pension cut-off
Single - Homeowner

$674,000

Previous threshold
Full Age Pension limit
Previous threshold

$301,750

Part Age Pension cut-off
Previous threshold

$667,500

Single – Non-homeowner
Full Age Pension limit
Single – Non-homeowner

$543,750 (unchanged)

Part Age Pension cut-off
Single – Non-homeowner

$916,000

Previous threshold
Full Age Pension limit
Previous threshold

$543,750

Part Age Pension cut-off
Previous threshold

$909,500

Couple (combined) - Homeowner
Full Age Pension limit
Couple (combined) - Homeowner

$451,500 (unchanged)

Part Age Pension cut-off
Couple (combined) - Homeowner

$1,012,500

Previous threshold
Full Age Pension limit
Previous threshold

$451,500

Part Age Pension cut-off
Previous threshold

$1,003,000

Couple (combined) – Non-homeowner
Full Age Pension limit
Couple (combined) – Non-homeowner

$693,500 (unchanged)

Part Age Pension cut-off
Couple (combined) – Non-homeowner

$1,254,500

Previous threshold
Full Age Pension limit
Previous threshold

$693,500

Part Age Pension cut-off
Previous threshold

$1,245,000

Income test thresholds comparison

The lower income test threshold determines the point where the full Age Pension starts to reduce, while the upper income test threshold determines what the cut-off point is for the part Age Pension.  

 

Income includes things like payment for employment or self-employment activities, rental income, and a deemed rate of income from financial investments such as managed funds, super (if you are over the Age Pension age) or account-based pensions commenced after 1 January 2015.  

 

Income doesn’t include things like emergency relief payments.

Income test thresholds from 20 March 2024
Full Age Pension limit
Part Age Pension cut-off
Single
Full Age Pension limit
Single

$204 per fortnight (unchanged)

Part Age Pension cut-off
Single

$2,436.60 per fortnight

Previous threshold
Full Age Pension limit
Previous threshold

$204 per fortnight

Part Age Pension cut-off
Previous threshold

$2,397.40 per fortnight

Couple (combined)
Full Age Pension limit
Couple (combined)

$360 per fortnight (unchanged)

Part Age Pension cut-off
Couple (combined)

$3,725.60 per fortnight

Previous threshold
Full Age Pension limit
Previous threshold

$360 per fortnight

Part Age Pension cut-off
Previous threshold

$3,666.80 per fortnight

If you have income between the lower and upper income test thresholds, your entitlement will reduce as your level of income rises. 

 

For example, the Age Pension payment for a single person earning more than $204 per fortnight will reduce by 50 cents for each dollar earned over $204. 

 

For a couple earning more than $360 per fortnight combined, the Age Pension payment for each person will reduce by 25 cents for each dollar earned over $360.

 

Tip: The Work Bonus may allow you to receive more income from working, without reducing your Age Pension. 

 

The maximum Work Bonus balance that you can accrue is $11,800.

Check your Age Pension eligibility

The Retirement Essentials free Age Pension Eligibility Calculator can help you work out if you’re eligible for the Age Pension (or the Commonwealth Seniors Health Card), and how much you could receive.   

 

Retirement Essentials are experts in helping people apply for and retain the Age Pension. We’ve teamed up with them to help ease the process for you. You can start by using their free Age Pension Eligibility Calculator.

 

As a CFS member, you can also receive a 10% discount on selected Retirement Essentials services. These include lodging and managing your Age Pension or Commonwealth Seniors Health Card application.

Looking for more? 

Two in three Australians* aged over 67 access Age Pension payments. For more details on eligibility, see Your complete guide to eligibility, rates, and benefits.

 

There are many rules surrounding the Age Pension, so we suggest speaking to your financial adviser or using our Find an adviser service to locate one near you.  

Tools and Resources

Check your Age Pension eligibility<br>&nbsp;

Check your Age Pension eligibility
 

Navigate the Age Pension process with ease with Retirement Essentials’ free Age Pension Eligibility Calculator.

Can you work and still receive the Age Pension?

Can you work and still receive the Age Pension?

From 1 January 2024, the more generous incentives temporarily offered to working pensioners via the Work Bonus will be permanent.

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* Sources:

1. Department of Social Services, Benefit and Payment Recipient Demographics, September 2023  

2. Australian Bureau of Statistics, National, state and territory population tables, June 2023

 

Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.

 

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