The Age Pension remains a vital source of income for many Australian retirees, with approximately 39% of eligible Australians receiving the full Age Pension and a further 24% receiving a part pension. As of 20 September 2024, the maximum full Age Pension has increased, providing a welcome boost to retirees.
Understanding the Latest Age Pension Rate Changes
From 20 September 2024, the maximum full Age Pension will increase by $28.10 per fortnight for a single person, and $21.20 per person per fortnight for a couple. This translates to an approximate annual increase of $731 for singles and $1,102.40 for couples.
Age Pension Rates for the Period 20 September 2024 to 19 March 2025
The rates for a full Age Pension for Australians during this period are as follows:
- Single: $1,144.40 per fortnight (approximately $29,754 per year)
- Couple (each): $862.60 per fortnight (approximately $22,428 per year)
- Couple (combined): $1,725.20 per fortnight (approximately $44,855 per year)
- Couples separated due to illness: Each receives the Single rate, which combined is $2,288.80 (approximately $59,509 per year)
Breaking Down the Age Pension
The tables below provide a detailed breakdown of the latest increase and how the Age Pension is structured:
Age Pension Rates for a Single Person
| Amount | Increase |
|---|---|
| Maximum base rate | $1,047.10 |
| Maximum pension supplement | $83.20 |
| Energy supplement | $14.10 |
| Total (per fortnight) | $1,144.40 |
| Total (per year)* | $29,754 |
Age Pension Rates for a Couple Living Together
| Amount (each) | Increase (each) | Amount (combined) | Increase (combined) |
|---|---|---|---|
| Maximum base rate | $789.30 | $20.00 | $1,578.60 |
| Maximum pension supplement | $62.70 | $1.20 | $123.00 |
| Energy supplement | $10.60 | – | $21.20 |
| Total (per fortnight) | $862.60 | $21.20 | $1,725.20 |
| Total (per year)* | $22,428 | $551.20 | $44,855 |
When to Expect the Next Age Pension Increase
The Age Pension rates will potentially change on 20 March 2025. An increase is highly likely, given the current inflation rate. The Australian Bureau of Statistics evaluates the extent of the increase based on changes in the Consumer Price Index (CPI), Male Total Average Weekly Earnings, and the Pensioner and Beneficiary Living Cost Index.
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
- 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.
