The September 2024 Age Pension increase will boost payments for many Australians, offering much-needed financial support, especially for pensioners who depend on these funds for daily expenses. Effective September 20, 2024, this increase is larger than the one in March and will provide additional income to pensioners. This guide explains the upcoming changes, including increases for singles and couples, new income and asset thresholds, and extra benefits.
Pension Age Increases In Australia Explained 2024
On September 20, 2024, the Federal Government will raise Age Pension payments as part of its semi-annual adjustments, which also apply to the Disability Support Pension and Carer Payments.
Payment Increases
- Singles: Payments will increase by $28.10 per fortnight.
- Couples: Payments will rise by $42.40 combined per fortnight.
This increase surpasses the March adjustment, which saw only a $19.60 rise for singles and $29.40 for couples. The new rates also include pension supplement increases.
New Payment Amounts
| Payment Type | Current (Single) | Current (Couple Combined) | 20 Sept 2024 (Single) | 20 Sept 2024 (Couple Combined) |
|---|---|---|---|---|
| Maximum Basic Rate | $1020.60 | $1538.60 | $1047.10 | $1578.60 |
| Maximum Pension Supplement | $81.60 | $123.00 | $83.20 | $125.40 |
| Energy Supplement | $14.10 | $21.20 | $14.10 | $21.20 |
| Total Payment | $1116.30 | $1682.80 | $1144.40 | $1725.20 |
These adjustments are meant to align pensions with inflation and rising living costs, and the changes will be reflected in payments starting September 20, 2024.
Increases in Income and Asset Thresholds
Along with higher pension payments, the income and asset thresholds determining pension eligibility will also increase. This means some previously ineligible individuals may now qualify for a partial pension. You can check eligibility using the updated Age Pension calculator before the changes occur.
Updated Income and Asset Thresholds
Pension Disqualifying Income Limits (per fortnight)
| Family Situation | Previous Amount | 20 Sept 2024 Amount | Increase |
|---|---|---|---|
| Single | $2,444.60 | $2,500.80 | $56.20 |
| Couple (combined) | $3,737.60 | $3,822.40 | $84.80 |
| Illness-separated (couple combined) | $4,837.20 | $4,949.60 | $112.40 |
Pension Disqualifying Asset Limits
| Family Situation | Previous Amount | 20 Sept 2024 Amount | Increase |
|---|---|---|---|
| Single, homeowner | $686,250 | $695,500 | $9,250 |
| Single, non-homeowner | $938,250 | $947,500 | $9,250 |
| Couple (combined), homeowner | $1,031,000 | $1,045,500 | $14,500 |
| Couple (combined), non-homeowner | $1,283,000 | $1,297,500 | $14,500 |
These higher limits allow more people to qualify for pension support, especially those close to the previous thresholds.
Rent Assistance Increase
Commonwealth Rental Assistance (ousCRA) payments will also increase from September 20, 2024, providing additional support to pensioners struggling with rising rent costs.
Rent Assistance Rates (Effective 20 September 2024)
| Family Situation | Previous Amount | 20 Sept 2024 Amount | Increase |
|---|---|---|---|
| Single | $188.20 | $211.20 | $23.00 |
| Single, sharer | $125.47 | $140.80 | $15.33 |
| Couple | $177.20 | $199.00 | $21.80 |
| Partnered, illness-separated | $188.20 | $211.20 | $23.00 |
| Partnered, temporarily separated | $177.20 | $199.00 | $21.80 |
Updated Rent Payment Thresholds
| Family Situation | Previous Rent Ceiling | 20 Sept 2024 Rent Ceiling | Increase |
|---|---|---|---|
| Single | $396.94 | $430.60 | $33.66 |
| Single, sharer | $313.29 | $336.74 | $23.45 |
| Couple | $472.87 | $506.74 | $33.87 |
| Partnered, illness-separated | $396.94 | $430.60 | $33.66 |
Need Help with Your Pension?
If you have any inquiries regarding the recent changes or if you are uncertain about how these changes might impact your benefits, it’s advisable to seek assistance from an Age Pension specialist. These professionals can provide detailed explanations about how the adjustments may affect your specific circumstances and can assist you in navigating the Centrelink system. A 30-minute consultation with a specialist typically costs $155, and during this session, they can offer clarity on how you can optimize your entitlements.
Will the Age Pension Increase Benefit You?
The recent increase in financial support allocates an additional $14 per week for individuals and an extra $21 per week for couples. This rise is more substantial compared to previous adjustments. However, the impact on your personal financial situation will vary based on your specific financial circumstances and the requirements of your household.
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