Last week the expected increases to the Age Pension were published by Services Australia, the government department responsible for indexation of the Age Pension every March and September.
You may recall last December we predicted that Age Pensioners would receive an increase of $27 for singles and $20 (each) for couples. Rising inflation means that we were a little modest in those predictions, which means that those on the full or part Age Pension now stand to gain more. Including supplements, singles on a full Age Pension will receive an additional $37.50 per fortnight and couples an additional $28.20 per fortnight each.
The thresholds have also increased
From March 20th the means test thresholds will also increase meaning many people that just missed out on qualifying for the Age Pension could now be eligible.
The upper(disqualifying) income threshold has increased by:
- $75 a fortnight for a single person and
- $112.80 a fortnight for a couple
While the upper (disqualifying) assets thresholds have increased by:
- $12,500 for a single homeowner or renter
- $19,000 for a couple homeowner or renter
- You can check all the new rates and thresholds here
Speak to an expert
Is it all too confusing? Still got questions? Or just want to talk over your situation?
Will this affect you?
The effect on individuals varies.
For those who have already qualified, there is little to do except accept the extra cash which will be paid to you in your first fortnightly payment after March 20 this year.
Those who have come close to qualifying in the past may now be over the hurdle.
New, higher, income and assets tests will be in place and thus you may now become eligible. Our eligibility calculator has already been updated with all the new rates and thresholds so you can check what you will be eligible to receive here.
You can see all the new rates here.
You might want to review the deeming rates used in the worked example on this page:
https://retirementessentials.com.au/age-pension/eligibility/
Hi Rainer, thank you for pointing out the error! This has now been fixed and is showing the correct deeming rates.
Still nowhere near enough, they give themselves that much per day whenever the take a pay rise
Although we had a pay increase what good does it do I pay 350 rent that’s because I can’t afford to pay what my landlord wants he wanted 380 what will happen when he puts it up again I will be homeless I don’t have a car job and I have 2beauiful dogs people here are begging for homes who is going to help people like me
Still not enough – far from it. Rent is up $360 a month, and groceries are up at least 20%.
My non-controllable expenses are up by $459.00 a month. The pension needs to increase by a minimum of $500.00 a month just to stay above price increases. Dream on!!!!!
To boot I have had a stroke and three heart attacks and have to recover from those.
By the time I pay $500 dollars rent a fortnight $100 dollars to put petrol in my Car and$200 o groceries I don’t have a lot left. We need more in the Pension..
I never ever accept it:
– we are retired on very very small pay check from gov.
– when you would like and have opportunity to add extra by working – you get panelized???
– why that is not see as extra contribution of the experience and tax.
– yet gov employees can cash out and add up what ever they wish!!!!
People – stop working and savings for retainment. Get retire now and come back to work for it after you turn 67. For some it is too late and too little after 67 age.
Maybe buy 7 instead of 8 submarines, and distribute the savings to the pensioners who can do nothing else but to try to survive and hopefully keep a roof over their heads. Poverty is increasing everywhere and crime rates will possibly increase.
Well done government
Wonderful to see and very welcome. It is important to note that such cpi increases are, % wise, well above those received by wage and salary earners.
all those people that complain and want higher rent may have forgotten that there are hundred of millions of people living on this planet on just 1 dollar a day!!
Wow! how do they pay a mortgage on that?
I am not wanting to complain and appreciate the small increases received recently but why a country, rich in resources, such as Australia is complacent in accepting our elderly and disabled, living on the poverty line, is beyond me. Pleased to see the Gov infiltrating some of the tax cheats, such as churches with competitive business enterprises and large international corporations; but more needs to be done if pensioners are to have a reasonable standard of living.
To the dumbo’s who run this country, ‘Shame on you’. Leave your people many struggling to make ends meet with ever rising costs AND you have the audacity to give away over $300Billions dollars to overseas enterprises ala US and UK for a few nuclear drive submarines. How ludicrous is that!!!
Better to make friends with China and keep on their good side. A few subs will not defend this country. If China wanted to come in here, they would just walk in and we could do absolutely Nothing about it. China is too powerful to fight, there is just too many of them. Come to your senses you imbecile politicians and war-monger media.
Grow some sprouts or a garden and stop wigging, there are people in the world that live out of trash cans or worse. Be thankful for what you have not what you have not Yes ;politicians are corrupt but stressing about it will not help.
My wife and I didn’t receive an increase in my part pension. Why?
Hi John, thank you for sharing your situation. The effect on individuals varies. For those who have already qualified, the payment amounts come through on the first fortnight after March 20.