Services Australia, the government department responsible for indexation of the Age Pension every March and September. Based upon increases to the Pensioner and Beneficiary Living Cost Index (PBLCI) and with the addition of the Age Pension supplement the final increases were $32.70 for singles and $24.70 each for couples.
Age Pension Rates |
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| Single (per fortnight) | Previous Amount | 20 September 2023 | Increase |
| Base | $971.50 | $1,002.50 | $31.00 |
| Supplement | $78.40 | $80.10 | $1.70 |
| Energy Supplement | $14.10 | $14.10 | $0 |
| Total | $1,064.00 | $1,096.70 | $32.70 |
| Couple (each, per fortnight) | |||
| Base | $732.30 | $755.70 | $23.40 |
| Supplement | $59.10 | $60.70 | $1.30 |
| Energy Supplement | $10.60 | $10.60 | $0 |
| Total | $802.00 | $826.70 | $24.70 |
Age Pension Disqualifying Income Thresholds |
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| Family Situation—Resident | Previous Amount | 20 September 2023 | Increase |
| Single | $2,332.00 | $2,397.40 | $65.40 |
| Couple (combined) | $3,568.00 | $3,666.80 | $98.80 |
Age Pension Disqualifying Assets Thresholds |
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| Family Situation—Resident | Previous Amount | 20 September 2023 | Increase |
| Single, homeowner | $656,500 | $667,500 | $11,000 |
| Single, non-homeowner | $898,500 | $909,500 | $11,000 |
| Couple (combined), homeowner | $986,500 | $1,003,000 | $16,500 |
| Couple (combined), non-homeowner | $1,228,500 | $1,245,000 | $16,500 |
How will you be affected?
This depends, of course, upon your individual circumstances.
Those who have already qualified would have received the increased benefits automatically after 20 September.
Those who have come close to qualifying in the past may now wish to recheck their entitlements. New, higher, income and assets test thresholds will be in place so you may now be eligible.
Source: Services Australia
