Despite the expansion of superannuation, the Age Pension remains a significant source of income for the majority of Australian retirees. According to experts, approximately 39% of Australians who are entitled for an age pension receive the whole amount, while 24% receive only a part. With the adoption of permanent pension reforms in the coming year, older Australians will be able to earn an extra AU$ 4000 before their government support payments are decreased.
Veterans and qualified pensioners can now earn AU$11,800 rather than AU$7,800 before their benefits are reduced. Please monitor this page for updates on the Australia Pension Increase 2024, New Aged Pension, Disability Pension Increase and Changes 2024, and Age Pension 2024 Eligibility.
Australia Pension Increase 2024
Australian residents who are qualified for the full Age Pension can receive up to AU$ 1,604.00 per couple and AU$ 1,064.00 per person every two weeks. If you work, you can still receive the full Age Pension even if your income is up to AU$ 204 for a single retiree or AU$ 360 for a couple per fortnight.
You may be eligible for government retirement benefits such as the Age Pension, so visit this page to learn more about How to Apply for the Age Pension?. Because it provides backup income in the event that your superannuation or other assets do not have enough money saved for retirement.
New Aged Pension, Disability Pension Increase and Changes 2024
The Age Pension rates may change on March 20, 2024. The Australian Bureau of Statistics uses changes in the Consumer Price Index (CPI), MTAWE, and PBLCI to estimate increases, therefore they are likely but not assured. Although it was the first time since 1997, the Age Pension rates did not increase in September 2020. Every year, in March and September, the Age Pension rates, as well as the upper limits on the income and asset tests that determine who is eligible for a portion of the Age Pension, are adjusted.
Every July, the lower restrictions that apply to determining an individual’s eligibility for the full Age Pension are modified. Normal and transitional rates of pensionable income are determined by the consumer price index. The information has been discussed in the table format below:
| Normal Rates | ||||
| Particulars | Single | Couple | Couple (who stay together) | Couples (who are separated) |
| Energy Supplement | AU$ 14.10 | AU$ 10.60 | AU$ 21.20 | AU$ 14 |
| Basic Rate (Max) | AU$ 1,002.50 | AU$ 755.70 | AU$ 1,511.40 | AU$ 1,002.50 |
| Pension Supplement (Max) | AU$ 80.10 | AU$ 60.40 | AU$ 120.80 | AU$ 80.10 |
| Transitional Rates | ||||
| Particulars | Single | Couple | Couple (who stay together) | Couples (who are separated) |
| Energy Supplement | AU$ 14.10 | AU$ 10.60 | AU$ 21.20 | AU$ 14.10 |
| Pension (Max) | AU$ 892.70 | AU$ 721.00 | AU$ 1,442.00 | AU$ 892.70 |
Age Pension 2024 Eligibility
To be eligible for the Age Pension, you must meet specific residency conditions in Australia, be at least 67 years old (calculated by your birthdate), and pass both the assets and income standards. Your income and assets may determine whether you are eligible for a full or partial Age Pension.
Assets test- To be eligible for a full Age Pension as a single person, your assets must be worth less than AU$ 301,750, or AU$ 543,750 if you do not own a home. If your assets fall below AU$ 667,500 (or AU$ 909,500 if you don’t own a home), you may still be eligible for a portion of the Age Pension. If a couple owns their own home, their total assets must be less than AU$ 451,500; otherwise, they must be less than AU$ 693,500 to qualify for the full Age Pension.
If your assets fall below AU$ 1,003,000 (if you own your own home) or AU$ 1,245,000 (if you don’t), you may still be eligible for a part-age pension.
Income test- If you are a single person with an income of less than AU$204 (or approximately AU$5,304 per year), you are eligible for the full Age Pension. If your income is less than AU$ 2,397.40 (or around AU$ 62,332 per year), you may still be eligible for a part-age pension. Couples can still be eligible for a part-age pension if their combined income is less than AU$ 3,666.80 per fortnight, or approximately AU$ 95,337 per year; but, to get the full-age pension, their combined income must be less than AU$ 360 per fortnight, or AU$ 9,360 per year.
Super income stream MWR has ended
In response to the coronavirus pandemic, the Australian government temporarily reduced the minimum amount that a retiree must withdraw from their superannuation as a pension in the fiscal years 2019/20, 2020/21, 2021/22, and 2022/23. The minimum withdrawal rate is now back to what it was prior to the outbreak.
| Age | 2023/24 onwards | 2019/20, 2020/21, 2021/22 and 2022/23 |
| Under 65 | 4% | 2% |
| 65–74 | 5% | 2.5% |
| 75–79 | 6% | 3% |
| 80–84 | 7% | 3.5% |
| 85–89 | 9% | 4.5% |
| 90–94 | 11% | 5.5% |
| 95 or more | 14% | 7% |
How to apply for the Age Pension?
Create an account on MyGov.
Complete the Centerlink Confirmation of Identity process.
Submit your Age Pension claim online through your MyGov account.