Latest Age Pension rates (from 20 September 2022) From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple.
As a temporary measure introduced in September 2022, age pensioners will be able to earn an extra $4000 this financial year. They can now earn a maximum income of $11,800 before penalties kick in. This measure is set to end 30 June 2023.
The payment rates for Age Pension, Carer Payment and Disability Support Pension are increasing from 20 March 2023. Age Pension, Carer Payment and Disability Support Pension will increase by $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
From 20 March 2023, some veterans and their families will receive an increase to their pension payments in line with increases in the cost of living.
Latest Age Pension changes (from 20 March 2023)
From 20 March 2023 the maximum full Age Pension increases $37.50 per fortnight for a single person, and $28.20 per person per fortnight for a couple. Note: Annual amounts are approximate. The figures above include the pension and energy supplements.
The Order is currently linked to the Consumer Prices Index (CPI) and is based on CPI as at the previous September. CPI at September 2022 was 10.1% which means that your pension will increase by 10.1% from 10 April 2023.
If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
Can I Get the Pension if I Have Super? Having superannuation savings does not deny you from receiving Age Pension payments. Eligibility for the Age Pension is based on an Assets Test and an Income Test.
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple. The tables below provide more detail in terms of the latest increase and how the Age Pension is broken down.
You can get the Work Bonus if both of these apply to you. You: are Age Pension age and over. get Age Pension, Carer Payment or Disability Support Pension.
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The Government has provided two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. These payments will support households to manage the economic impact of the Coronavirus.
The Cost of Living Payment is a $250 one-off payment to help with the cost of living. The Cost of Living Payment is not taxable, and you don't need to report it as income. You'll get it if you were residing in Australia on 29 March 2022, and: you were able to claim, or were getting an eligible payment.
$250 one-time cash bonus for Centrelink recipients
Those receiving a welfare payment, including pensioners, veterans and concession card holders will also get an automatic $250 payment to help with the rising cost of living.
Make your claim
If your Centrelink account is linked to myGov you can claim online. To do this: Sign in to myGov. Select Make a claim or view claim status, then Make a claim.
The triple lock protects the income that retirees receive through the state pension from inflation. Usually payments increase in line with the highest of either earnings, Consumer Prices Index inflation, or 2.5%.