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 fortnight | Current – Single | Current – Couple combined | 20 March 2024 – Single | 20 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 |
| Total | $1096.70 | $1653.40 | $1116.30 | $1682.80 |
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 Amount | 20 Mar 2024 | Increase pf |
| Single | $2,397.40 | $2,436.60 | $39.20 |
| 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 – Resident | Previous Amount | 20 Mar 2024 | Increase |
| 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 Situation | Previous Amount | 20 Mar 2024 | Increase pf |
| Single | $184.80 | $188.20 | $3.40 |
| Single, sharer | $123.20 | $125.47 | $2.27 |
| Couple | $174.00 | $177.20 | $3.20 |
| Partnered, illness-separated | $184.80 | $188.20 | $3.40 |
| Partnered, temporarily separated | $174.00 | $177.20 | $3.20 |
| Rent Threshold | |||
| Family Situation | Previous Amount | 20 Mar 2024 | Increase pf |
| Single | $143.40 | $146.00 | $2.60 |
| Single, sharer | $143.40 | $146.00 | $2.60 |
| Couple | $232.40 | $236.60 | $4.20 |
| Partnered, illness-separated | $143.40 | $146.00 | $2.60 |
| Partnered, temporarily separated | $143.40 | $146.00 | $2.60 |
| Rent Ceiling | |||
| Family Situation | Previous Amount | 20 Mar 2024 | Increase pf |
| Single | $389.80 | $396.94 | $7.14 |
| Single, sharer | $307.67 | $313.29 | $5.62 |
| Couple | $464.40 | $472.87 | $8.47 |
| 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?
If a single elderly person sells their home and fully buys their room in an aged care facility, are they considered to be home owners or not? Also, does the amount they paid for the aged care room count in their assets or not? if this person receives their age pension through DVA does this make any difference?
Hi Karen, those are some great questions however as with most things relating to Centrelink there are a couple of ifs, buts and maybes involved. We can say with confidence that receiving the Age Pension through DVA does not impact the homeowner assessment but to give you definite answers to the first two questions we’d need to have a discussion with you. Please CLICK HERE to book in a consultation with one of our specialists.
What a joke is all I can say….. an absolute joke…..
As it is my rent is more than my pension……
Really useful summary
Thank you for the compliment Harry, glad you found it helpful!
Oops! Typo:
“the new payment rates from 20 March 2023” should, of course say “2024”.
Sorry, can’t help myself being so pedantic! 🙂
Love your work, by the way.
Hi Chris, thanks for pointing out the whoopsy, it has now been fixed! Thank you for the compliment, much appreciated.
Does Centrelink consider a redundancy payout as an income or an asset?
Generally it simply forms part of your assets as it will likely just be money in your bank account.
When is the work bonus going up from $7800 to $11800 as promised by the PM in December 2023 he stated that it was going to be permanent but as I work part time and still only get $300 work bonus per fortnight multiplied day 26 fortnight’s per year is only $7800 ??????????
Hi Bob, the increase has already occurred however this is commonly misunderstood due to the nature of the change. The fortnightly amount has not changed from $300 per fortnight as you pointed out, the change is to the maximum total you can accrue going up from $7,800 to $11,800 which yes, will take more than 1 year to accrue. You will have received a lump sum increase to your work bonus credit of $4,000 at some point previously which may have been used up already but it would have been made.
Yes I did receive a $4000 credit in January 2023 which was a one off payment for 2023 that was to end in on 31/12/2023 but the prime minister said he was going to make it permanent for all aged pensioners from 01/01/2024 so we should be allowed to earn $11800 before it affects our pensions again this year and every other year in the future and this has not happened so what’s going on with this
Hi Bob, again this is the common misconception with the Work Bonus increase. It was not an increase to how much income you can earn, it was an increase in how much work bonus you can accrue when not in work. The goal was to acknowledge that sometimes seniors may need or want to take extended time away from the workforce but then return to it later. The increase means that when you do return, the penalty to your Age Pension payments will be less.
How do I work out payments when my partner is on the Disability Support Income he doesn’t want to go on the aged pension.
Hi Julie, Disability Support Pensions are at this time outside of our wheelhouse so we can’t be certain however I believe you will find what you are looking for HERE.
I am living in Dept Housing. We don’t get the same as pensioners who live in Private rental & get full rental assistance. Why do we loose out on that. I am a Single Pensioner.
Your rent is calculated based on your income, if that is under $985 per week then you pay 25% of your income. This means that most pensioners would be paying significantly less rent than commercial rent paying people. If your only income was the aged pension your rent would be less than $150 per week. Depending on where you live it would be hard to find a rental for under $300. Therefore you are receiving a benefit by only paying a low rent.
I`m a 66 year old single male, living in a house by my self, I own half of it, the other half by my sister, which the house was left to us, the last two years I was out of a job as they not giving anything around here to people over 60, I cash in my super of 64,000 and living off it until my pension in a year time.
Don’t use your money. Go chat with Centrelink. We were using ours too. Used up 2/3 of it. Centrelink gave us Newstart (unemployment) benefits. We too were 65,66. It helps its 697.00 per f/n each person. Well worth getting help. Vicki
My husband turns 67 Oct 24 and has small Disability pension from DVA, I am 65yrs and still working fulltime however I want to retire in Sept 24, WHEN can he apply for aged pension if I were to go casual and be below the threshold.
Hi Ivy, thank you for the well articulated question! He would be able to apply in September 2024 once you reduce your income under the threshold because Centrelink allow you to apply up to 13 weeks prior to turning age eligible and the income is assessed as of the day the claim is lodged so your previous salary will not be held against him.
Apply in July. This is what I was told by Centrelink. I turn 67 in October too.
What is the maximum you are allowed to have in the bank before it affects the pension?
Hi Noel, if you hover over the “Age Pension” menu header on our site you will see in the dropdown menu an option “Eligibility Rules” which clarifies all applicable thresholds.
Is there an investment that does not add to your income for Centrelink, that is still legal.