Age pension rise announced
Tuesday, 13th March, 2018
AGE pensioners will receive a modest increase to their pension from March 20 with rates rising by $13.20 to $907.60 per fortnight for singles and $9.90 to $684.10 for each member of a couple.
These amounts include a small increase to the pension supplement.
Around 4.7 million pension and allowance recipients will receive an increase to their welfare payments with individuals receiving Newstart Allowance, Widow Allowance, Partner Allowance, and Sickness Allowance will benefit from an increase of $7.00 a fortnight to $554.60. Members of a couple will see an increase of $6.30 a fortnight to $503.40.
The Parenting Payment (Single) will increase by $9.80 to $774.40 a fortnight.
Rent Assistance rates also increase from March, as do a range of income and assets limits for pensions and allowances, as a result of indexation.
Payment rates for pensions and allowances are adjusted twice a year. Pension increases are linked to prices and wages, and allowances are linked to the Consumer Price Index.
The assets level at which the pensions are no longer paid have also increased from $552,000 to $556,500 (single home owner) and $755,000 to $759,500 (single non home owner) and $830,000 to $837,000 (combined couple home owner) and $1,033,000 to $1,040,000 (couple non home owner).
- Full details of new rates and thresholds are available on the DSS website.
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