Age Pension September 20 2023 increases

The expected 20 September Age Pension changes have now been confirmed by Services Australia, the government department responsible for indexation of the Age Pension every March and September.

We reported a couple of weeks ago that we expected these changes to be in the order of $31 for singles and $23 each for couples, based upon increases to the Pensioner and Beneficiary Living Cost Index (PBLCI). We’re pleased to say that this is the case, and with the addition of the Age Pension supplement the final increases were $32.70 for singles and $24.70 each for couples. 

Here is the detail of the changes which will apply to your entitlements from 20 September, 2023.

Age Pension Rates

 Single (per fortnight)Previous Amount20 September 2023Increase
Energy Supplement$14.10$14.10
 Couple (each, per fortnight)   
Energy Supplement$10.60$10.60

Age Pension Disqualifying Income Thresholds

Family Situation – ResidentPrevious Amount20 September 2023Increase
 Couple (combined)$3,568.00$3,666.80$98.80

Age Pension Disqualifying Assets Thresholds

Family Situation – ResidentPrevious Amount20 September 2023Increase
Single, homeowner$656,500$667,500$11,000.00
Single, non-homeowner$898,500$909,500$11,000.00
Couple (combined), homeowner$986,500$1,003,000$16,500.00
Couple (combined), non-homeowner$1,228,500$1,245,000$16,500,00

How will you be affected?

This depends, of course, upon your individual circumstances.

Those who have already qualified will automatically receive the increased benefits which will be included in your fortnightly payments after September 20 this year.

Those who have come close to qualifying in the past may now wish to recheck their entitlements. New, higher, income and assets test thresholds will be in place and so you may now be eligible.

If this is your situation, do not apply again before 20 September as the old thresholds will still be in place. But you can certainly get started on your application so you are ready to submit as soon as the new thresholds are in place.  You can, if you wish, make an appointment to speak with one of our advisers to check the maths, and be primed and ready to apply on 20 September. 

We have already updated our Retirement Essentials’ Age Pension Entitlements Calculator with the new rates and thresholds so you can check both your new eligibility status and likely payment amounts now. And for those that feel they should be getting more your could book one of our “Maximising your entitlements consultations”.

And keep an eye on your enews for more about other changes to rent allowances and the Commonwealth Seniors Health Card income thresholds next week

Is this increase enough?

The most recent inflation update shows annual inflation has dropped to 4.9%. Is this 3.2% increase – in addition to the 2.9% increase in March – sufficient to help with higher household expenses?