March 2024 Age Pension Increases

Here’s what you’ll get

The twice-yearly Age Pension increase is due to land on 20 March. We reported in mid February our predictions for singles and couples, and we’re pleased to say our predictions were correct within a few cents. The table below shows the increases, as confirmed by the Federal Government, including supplements for singles and couples. 

March Age Pension increases

The Federal Government have confirmed the new payment rates from 20 March 2024 for recipients of the Age Pension, Disability Support Pension, and Carer Payments. Singles can expect a total increase of $19.60 a fortnight and couples can expect a (combined) total increase of $29.40 a fortnight.

Per fortnightCurrent – SingleCurrent –  Couple combined20 March 2024 – Single20 March 2024 – Couple combined
Maximum basic rate$1002.50$1511.40$1020.60$1538.60
Maximum Pension supplement$80.10$120.80$81.60$123.00
Energy Supplement $14.10$21.20$14.10$21.20

Are thresholds also going up?

Yes they are.  The upper (disqualifying) threshold has increased.  This will mean some people that previously just missed out on qualifying might now be eligible for some Age Pension and the accompanying supplements.  It’s worth checking on our free Age Pension eligibility calculator. We have already updated it with the new rates and thresholds.   Unfortunately there has been no further change to income threshold for the Commonwealth Seniors Health Card.

Here’s how the income and assets thresholds have changed for the Age Pension.

Pension Disqualifying Income Limits
Family Situation – Resident (per fortnight)Previous Amount20 Mar 2024Increase pf
Couple (combined)$3,666.80$3,725.60$58.80
Illness-separated (couple combined)$4,746.80$4,825.20$78.40
Pension Disqualifying Assets Limits 
Family Situation – ResidentPrevious Amount20 Mar 2024Increase
Single, homeowner$667,500$674,000$6,500
Single, non-homeowner$909,500$916,000$6,500
Couple (combined), homeowner$1,003,000$1,012,500$9,500
Couple (combined), non-homeowner$1,245,000$1,254,500$9,500

Which other payments will rise?

Deeming Rates remain frozen until 30 June this year. After a significant adjustment to the Commonwealth Rental Assistance payment last September, this March it is changing by very little.  Here’s what you’ll be getting (per fortnight).

Maximum Payment
Family SituationPrevious Amount20 Mar 2024Increase pf
Single, sharer$123.20$125.47$2.27
Partnered, illness-separated$184.80$188.20$3.40
Partnered, temporarily separated$174.00$177.20$3.20
Rent Threshold
Family SituationPrevious Amount20 Mar 2024Increase pf
Single, sharer$143.40$146.00$2.60
Partnered, illness-separated$143.40$146.00$2.60
Partnered, temporarily separated$143.40$146.00$2.60
Rent Ceiling
Family SituationPrevious Amount20 Mar 2024Increase pf
Single, sharer$307.67$313.29$5.62
Partnered, illness-separated$389.80$396.94$7.14
Partnered, temporarily separated$375.40$382.27$6.87

If you would like to check your Age Pension eligibility under the new rates and thresholds, you can do so using Retirement Essentials free Age Pension Eligibility Calculator. If you would like to learn more about ways of maximising your own entitlements, then one of our consultants can assist in a scheduled appointment which allows you to ask all your questions and share any concerns.

How are your finances travelling?

Is your household managing ongoing price increases? 
Does the 20 March increase to full and part Age Pensions help at all? 
Or is it time for a big boost to the base rate?