Stats & Facts
Centrelink
Rates applicable as at 1 July 2024 to 19 September 2024.
Source – A Guide to Australian Government Payments
Age Pension
Basic conditions of eligibility
|
People born between |
Eligible for Age Pension at age |
|
Before 1 July 1952 |
65 |
|
1 July 1952 and 31 December 1953 |
65½ |
|
1 January 1954 and 30 June 1955 |
66 |
|
1 July 1955 and 31 December 1956 |
66½ |
|
1 January 1957 and later |
67 |
Basic rates
|
Status |
Base pension rate per fortnight |
|
Single |
$1,116.30* |
|
Member of a Couple |
$841.40* each |
*Includes Pension Supplement and Energy Supplement.
Chart A—Assets test limits for Allowances
|
Family situation |
For Homeowners |
For Non-homeowners |
|
Single |
$314,000 |
$566,000 |
|
Couple (combined) |
$470,000 |
$722,000 |
|
Illness separated (couple combined) |
$470,000 |
$722,000 |
|
One partner eligible (combined assets) |
$470,000 |
$722,000 |
|
Some assets are deemed to earn income, while certain assets are not included in the assets test. Contact us for more information. |
||
Allowances, Austudy, Parenting Payment and Special Benefit are not payable if assets exceed these amounts.
Chart B—Assets test limits for Pensions
|
Family situation |
For Homeowners |
For Non-homeowners |
|
Single |
$314,000 |
$566,000 |
|
Couple (combined) |
$470,000 |
$722,000 |
|
Illness separated (couple combined) |
$470,000 |
$722,000 |
|
One partner eligible (combined assets) |
$470,000 |
$722,000 |
|
Some assets are deemed to earn income, while certain assets are not included in the assets test. Contact us for more information. |
||
For pensions, assets over these amounts reduce pension by $3 per fortnight for every $1,000 above the amount (single and couple combined).
Chart C—Assets test upper limits for Part Pensions
|
For part pension assets must be less than # |
||
|
Family situation |
For Homeowners |
For Non-homeowners |
|
Single |
$686,250 |
$938,250 |
|
Couple (combined) |
$1,031,000 |
$1,283,000 |
|
Illness separated (couple combined) |
$1,214,500 |
$1,466,500 |
|
One partner eligible (combined assets) |
$1,031,000 |
$1,283,000 |
Note: the rate of payment is calculated under both the income and assets tests. The test that results in the lower rate (or nil rate) will apply.
Chart D—Income test for pensions
|
(a) Income test for pensions |
||
|
Family situation |
For full pension (pf)* |
For part pension |
|
Single |
up to $212.00 |
less than $2,444.60 |
|
Couple (combined) |
up to $372.00 |
less than $3,737.60 |
|
Illness separated (couple combined) |
up to $372.00 |
less than $4,837.20 |
Note: the rate of payment is calculated under both the income and assets tests. The test that results in the lower rate (or nil rate) will apply.
*Income over these amounts reduces the rate of pension payable by 50 cents in the dollar (single), 25 cents in the dollar each (for couples). For transitional or saved cases income over these amounts reduces the rate of pension payable by 40 cents in the dollar (single), 20 cents in the dollar each (for couples).
#These figures may be higher if Rent Assistance is paid with your pension.
Deeming rates
|
Deeming rates |
|
|
Investment value |
Current deeming rate |
|
Singles - Up to $62,600 Couples (combined) – Up to $103,800 |
0.25% p.a. |
|
Singles - Over $62,600 Couples (combined) – Over $103,800 |
2.25% p.a. |