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Age Pension payments have been reviewed. See what the changes could mean for you and what to consider if you’re eligible.
Government Age Pension payments will increase from 20 September 2023, which means you’ll have a bit more money in your pocket, if you’re eligible.
Following various Age Pension changes we told you about in July, here’s what you can expect from 20 September 2023.
Larger Age Pension payments
Here are the maximum Age Pension payment rates that come into effect from 20 September, which are paid fortnightly and their respective annual equivalents. You can also see how these compare to previous payments.
Single
$1,096.70
$28,514.20
Previous payment
$1,064
$27,664
Couple (each)
$826.70
$21,494.20
Previous payment
$802
$20,852
Couple (combined)
$1,653.40
$42,988.40
Previous payment
$1,604
$41,704
* Includes basic rate plus maximum pension and energy supplements.
As the government reviews Age Pension payments twice a year, these are likely to change again in the future.
Tip: If eligible, you may be able to receive Age Pension payments as well as income from your super savings, depending on how much super you have.
Increased income and assets test thresholds for the Age Pension
Your eligibility for the government’s Age Pension depends on your age, residency, and whether you have income and assets below certain limits (also known as thresholds).
When determining how much you’re entitled to receive under the income and assets tests, the test that results in the lowest amount of Age Pension applies.
The income and asset test thresholds are reviewed in July each year, noting the upper thresholds also increase in March and September each year in line with Age Pension payment increases.
Here are the income and assets test thresholds that apply from 20 September, compared to previous thresholds.
Assets test thresholds comparison
The lower assets test thresholds determine what the cut-off points are for the full Age Pension, while the upper assets test thresholds determine what the cut-off points are for the part Age Pension.
If you have assets between the lower and upper assets test thresholds, your entitlement will reduce as your level of assets rises.
Assets may include your investments, household contents, or motor vehicles. Assets that aren’t included in the assets test include your family home.
Single - Homeowner
$301,750
$667,500
Previous threshold
$301,750
$656,500
Single - Non-homeowner
$543,750
$909,500
Previous threshold
$543,750
$898,500
Couple (combined) - Homeowner
$451,500
$1,003,000
Previous threshold
$451,500
$986,500
Couple (combined) - Non-homeowner
$693,500
$1,245,000
Previous threshold
$693,500
$1,228,500
Income test thresholds comparison
The lower income test threshold determines what the cut-off point is for the full Age Pension, while the upper income test threshold determines what the cut-off point is for the part Age Pension.
If you have income between the lower and upper income test thresholds, your entitlement will reduce as your level of income rises.
Income includes things like payment for employment or self-employment activities, rental income, and a deemed rate of income from financial investments such as managed funds, super (if over Age Pension age) or account-based pensions commenced after 1 January 2015.
Income doesn’t include things like emergency relief payments.
Single
$204 per fortnight
$2,397.40 per fortnight
Previous threshold
$204 per fortnight
$2,332 per fortnight
Couple (combined)
$360 per fortnight
$3,666.80 per fortnight
Previous threshold
$360 per fortnight
$3,568 per fortnight
Tip: The Work Bonus may allow you to receive more income from working, without reducing your pension. The government has also increased the maximum Work Bonus balance to $11,800 from 1 December 2022 to 31 December 2023.
Looking for more information?
Age Pension eligibility is between age 65 and 67 depending on when you were born. For more details on eligibility, see Your complete guide to eligibility, rates, and benefits.
There are many rules surrounding the Age Pension, so we suggest speaking to your financial adviser or using our find an adviser service to locate one near you.
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Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
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