- 4 mins
Every year, Services Australia takes a close look at the Age Pension payment amounts to ensure they remain fair and in line with the rising cost of living. This review process occurs twice a year, typically in March and September, and involves adjusting not only the payment rates but also the income and asset thresholds. The most recent update, set to take effect on September 20, 2023, brings good news for pensioners across Australia.
For those receiving an age pension, the upcoming changes will result in an increase in their financial support. Singles will see their payments rise by $32.70 per fortnight, while couples will receive an additional $24.70 each. This boost is aimed at providing seniors with a more comfortable retirement to help them keep up with the ever-rising costs of daily living.
The table below shows the new payment rates for the full age pension per fortnight. These figures include the max pension supplement and the energy supplement.
Age pension increase (per fortnight)
| Family Situation | Previous Amount | New Amount | Increase |
| Single | $1,064 | $1,096.70 | $32.70 |
| Couple | $802 | $826.70 | $24.70 |
In addition to increasing rates, the income and asset thresholds will also change. This means that people who were previously not eligible for support may now be eligible to receive some level of age pension.
The table below shows the change in the age pension Income Thresholds. That is the amount of income that you can receive to be entitled to a part age pension. For example, a single person can earn up to $2,397.40 to receive a part age pension:
Income limit where the age pension cuts off (per fortnight)
| Family Situation | Previous Amount | New Amount |
| Single | $2,332 | $2,397.40 |
| Couple | $3,568 | $3,666.80 |
And the following table shows the level of Assets you can have before your age pension cuts out entirely, note that your family home is not included as an asset.
Asset limit where age pension cuts off
| Family and Residential Situation | Previous amount | New amount |
| Single Homeowner | $656,500 | $667,500 |
| Single Non-homeowner | $898,500 | $909,500 |
| Couple Homeowner | $986,500 | $1,003,000 |
| Couple Non-homeowner | $1,228,500 | $1,245,000 |
If you believe that you may now be eligible for the age pension due to the updated thresholds, please book a time to discuss with one of our independent advisers who will be very pleased to assist you.
This blog contains general and factual information and does not take into account anyone's individual objectives, financial situation, needs or tax circumstances. We strongly recommend you contact one of our Advisers if you would like personal advice.
Redpoint Investment Holdings Pty Ltd (trading as CY Financial Advice), is a corporate authorised representative (No. 378099) of CY Financial Services (AFSL No. 509648)