Millions to get more Age Pension starting from 20 September 2024

Here are the maximum Age Pension payment rates that are in effect as of 20 September, paid fortnightly, along with their respective annual equivalents. Single payments rose by $28.10 per fortnight, while combined payments for couples increased by $21.20 per person. 

Payments last increased in March 2024, and are likely to change again when they are next assessed this coming March. 

Tip: Depending on how much super you have, you may be eligible to receive Age Pension payments in addition to income from your super savings. Check your potential payments here.

The government reviews the Age Pension income and assets test thresholds in July each year. The upper limits, also known as thresholds, increase in March and September each year in line with Age Pension payment increases. 

Whether you are eligible for the Age Pension depends on your age, residency, and your income and assets. 

If your income and assets are below certain thresholds you may be eligible.  

When determining how much you’re entitled to receive under the income and assets tests, the test that results in the lower amount of Age Pension applies. 

Here are the income and assets test thresholds that apply as at 20 September, compared with previous thresholds. 

The lower assets test threshold determines the point where the full Age Pension starts to reduce, while the upper assets test thresholds determine what the cut-off points are for the part Age Pension.  

If the value of your assets falls between the lower and upper assets test thresholds, your entitlement will reduce. The higher your assessable assets, the lower the amount of Age Pension you are eligible to receive. 

Your family home is exempt from the assets test but, your investments, household contents and motor vehicles may be included. 

The lower income test threshold determines the point where the full Age Pension starts to reduce, while the upper income test threshold determines what the cut-off point is for the part Age Pension.   

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 you are over the Age Pension age) or account-based pensions commenced after 1 January 2015.   

Income doesn’t include things like emergency relief payments. 

If you have income between the lower and upper income test thresholds, your entitlement will reduce as your level of income rises. 

For example, the Age Pension payment for a single person earning more than $212 per fortnight will reduce by 50 cents for each dollar earned over $212. 

For a couple earning more than $372 per fortnight combined, the Age Pension payment for each person will reduce by 25 cents for each dollar earned over $372. 

Tip: The Work Bonus may allow you to receive more income from working, without reducing your Age Pension.  

The maximum Work Bonus balance that you can accrue is $11,800.

The Retirement Essentials free Age Pension Eligibility Calculator can help you work out if you’re eligible for the Age Pension (or the Commonwealth Seniors Health Card), and how much you could receive.   

Retirement Essentials are experts in helping people apply for and retain the Age Pension. We’ve teamed up with them to help ease the process for you. You can start by using their free Age Pension Eligibility Calculator.

As a CFS member, you can also receive a 10% discount on selected Retirement Essentials services. These include lodging and managing your Age Pension or Commonwealth Seniors Health Card application.

Two in three Australians^ aged over 67 access Age Pension payments. 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.  

^ Australian Bureau of Statistics, National, state and territory population tables, June 2023