Age Pension Rates in 2023
The Australian Age Pension, sometimes called the aged pension, has a maximum payment rate $1096 per fortnight for singles and $1653 per fortnight for couples.
Australian Government updates the Age Pension payment rates and the means tests three times every year. So it’s important to keep up to date, check your eligibility and ensure you are getting all your entitlements
How is the Age Pension Calculated?
Centrelink, as the delivery agency for Services Australia, calculates your entitlement based upon a means test. There are two separate parts to this assessment – the income test and the assets test:
Struggling to get on top of how the rules are applied in your particular situation? You’re not alone. Many Retirement Essentials members have been relieved to share their questions and concerns in one-on-one entitlement consultations with our friendly Customer Service Team or advisers.
When will Age Pension rates change in 2023?
The base rate of the Age Pension is recalculated every March and September. The new rates are published on or about the 20th of March and September. The base rate is indexed using a mix of three different measures; Consumer Price Index, Pensioner Beneficiary Living Cost Index and the Male Total Average Weekly Earnings. Here’s how indexation works.
When will Age Pension thresholds change in 2023?
The thresholds for the income and assets test are indexed and adjusted along with the rates in March and September each year. There is also an additional indexed adjustment in July.
When do the Deeming rates change?
These rates are reviewed by the Minister for Social Services and can change without warning.
The current deeming rates are:
- 0.25% on your financial assets up to $60,400 (Singles) or $100,200 (Couples)
- and 2.25% on your financial assets over these thresholds.