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.
Full Age Pension income threshold increases by: Singles threshold $204 per fortnight, increase is $14 per fortnight, $364 per annum. Couples threshold $360 per fortnight, increase is $24 per fortnight, $624 per annum.
Full Age Pension income threshold increases by:
Singles threshold $204 per fortnight, increase is $14 per fortnight, $364 per annum. Couples threshold $360 per fortnight, increase is $24 per fortnight, $624 per annum.
Incentives to work
The government will provide $3.7 million in 2023–24 to extend the measure to provide age and veteran pensioners a once-off credit of $4,000 to their Work Bonus income bank and temporarily increase the maximum income bank until 31 December 2023.
Youth Allowance, Austudy, Abstudy and DSP and some other miscellaneous payments will increase from 1 January 2023. The full schedule of indexation adjustments is here.
The payments will be indexed, rising just over 6 per cent. This means the Youth Allowance rate will go up by at least $19 a fortnight. Austudy will increase by between $32.40 and $41.40 per fortnight, and those under the age of 21 on the Disability Support Pension will receive an extra $27.40 to $40.70 a fortnight.
The future of payments will be characterized by increased convenience, security, and personalization for consumers, as well as new opportunities for businesses and financial service providers. The world of finance is changing rapidly and this is creating new opportunities for nimble and innovative technology companies.
The Age Pension rates will potentially change on 20 September 2023. Increases are likely but not certain because the Australian Bureau of Statistics evaluates these increases based on changes in the Consumer Price Index (CPI), Male Total Average Weekly Earnings, and the Pensioner and Beneficiary Living Cost Index.
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.
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.
1 July 2023 the full pension is available, under the assets test, for homeowner singles whose assessable assets are under $301,750 – for homeowner couples the number is $451,500.
Current Age Pension age
On 1 July 2023, the eligibility age increased from 66 years and 6 months to 67 years (for anyone born after 31 December 1956).
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.
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 Government announced on 1 February 2022 that an aged care workforce bonus of up to $800 will be paid to eligible aged care staff in Government subsidised home care and residential care.
A payment to help students with the cost of moving from regional or remote areas for tertiary study. The Tertiary Access Payment (TAP) is a one off payment of up to $5,000. It's to help eligible students with the cost of moving to study. This is for study after you've finished year 12 or equivalent.
“There are many direct benefits that older Australians will receive in their wallets out of this year's budget including energy relief of up to $500 per year, cheaper medicines, more GPs bulk billing pensioners and healthcare card holders without a co-payment, $15 a week more rent assistance, $20 a week more in ...
Currently, a pensioner can only earn up to $240 per week before they lose the pension by 50 cents in the dollar. That means they can only really work one day a week before getting penalised (depending on their remuneration). If they earn more than about $33,000 per year—which includes their pension—they also get taxed.
Worldwide banking and investment services IT spending is forecast to total $652.1 billion in 2023, an increase of 8.1% from 2022, according to Gartner, Inc. Spending on software will see the largest growth with an increase of 13.5% in 2023.
The Buy Now Pay Later (BNPL) market size will be valued at $309.2 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 25.5% over the forecast period. Online payments are rapidly growing as more consumers are taking advantage of online shopping thereby favoring BNPL market growth.
Digital payments are the future. In the coming years, we will see payment methods transitioning from physical cash to digital payment methods. Before the transition concludes, many new trends in digital payments will appear and disappear.