The Age Pension is a vital source of income for many Australian retirees, with approximately 39% of Australians of Age Pension age receiving the full Age Pension, and a further 24% receiving a part pension.

Here, we will provide you with the latest Age Pension rates, as well as information on how to qualify for the Age Pension, and what you can expect from the pension supplement, energy supplement, and rent assistance.

Latest Age Pension Rate Changes :

From 20 March 2024, the maximum full Age Pension increases by $19.60 per fortnight for a single person, and $14.70 per person per fortnight for a couple. The rates for a full Age Pension for Australian residents for the period 20 March 2024 to 19 September 2024 are listed below:

• Single: $1,116.30 per fortnight (approximately $29,028 per year)
• Couple (each): $841.40 per fortnight (approximately $21,876 per year)
• Couple (combined): $1,682.80 per fortnight (approximately $43,753 per year)
• Couples separated due to illness each receive the Single rate (see above), which combined is $2,232.60 (approximately $58,048 per year)

How to Qualify for the Age Pension

To be eligible for the Australian Age Pension, you must have reached Age Pension age (which depends on your date of birth but is now 67), satisfy Australian residency rules, and pass both an income test and an assets test. Depending on your level of income and the assets you own, you may qualify for either a full or part Age Pension.

Assets Test

The assets test assesses the value of your assets, including your home, investments, and other possessions. The thresholds for the assets test are as follows:

• Singles: $314,000 if you own your own home, or $566,000 if you don’t own your own home
• Couples: $470,000 if you own your own home, or $722,000 if you don’t own your own home

Income Test

The income test assesses your income from all sources, including employment, investments, and other sources. The thresholds for the income test are as follows:

• Singles: $212 per fortnight (approximately $5,512 per year)
• Couples: $372 per fortnight (approximately $9,672 per year)

Pension Supplement and Energy Supplement

If you receive the Age Pension, you’ll automatically be paid a pension supplement. The pension supplement is a fortnightly payment that helps with the cost of living. The energy supplement is a separate payment that helps with the cost of energy bills.

Rent Assistance

If you’re receiving the Age Pension, you may be entitled to rent assistance, including any fees you may be paying a retirement village. The minimum amount of rent you need to pay to qualify for assistance is $143.40 per fortnight for singles, and $232.40 per fortnight for couples.

Age Pension Rates for Non-Residents

The rates for a full Age Pension for Australian non-residents for the period 20 March 2024 to 19 September 2024 are listed below:

• Single: $1,048.90 per fortnight (approximately $27,271 per year)
• Couple (each): $815.90 per fortnight (approximately $20,608 per year)
• Couple (combined): $1,631.80 per fortnight (approximately $41,215 per year)

Transitional Age Pension Rates

Some Age Pensioners in Australia are on transitional pensions. Transitional pension rates are paid to people who would otherwise be getting a lower payment after changes to the income test were introduced in 2009.

Frequently Asked Questions