Pension payment rates

The rate at which your Age Pension is paid depends upon a number of factors: whether you qualify for a full or part Age Pension, your level of income and assets and whether you earn money which can be considered exempt under the Work Bonus Scheme.

Your Age Pension payment is calculated against both the asset and income tests and you are paid the lower rate of the two.

The current rate of a full Age Pension, including Pension Supplement and the Energy Supplement (formerly known as the Clean Energy Supplement), is $888.30 per fortnight for singles and $669.60 for each eligible member of a couple. This rate is valid until indexation takes place on 20 September 2017.

Under the income test, your pension payment is reduced by 50 cents for every $1 of assessable income over the current limit to qualify for a full Age Pension, which for singles is $168 per fortnight. Once you have assessable income of over $1944.60 per fortnight, you will lose your Age Pension. Under the asset test, your Age Pension is reduced by $3 per fortnight for every $1000 you exceed the asset limit for a full Age Pension.

The Work Bonus, which was introduced in 2009, is designed to encourage people to work past the qualifying age for the Age Pension. Under the Work Bonus, the first $250 of income per fortnight derived from employment is exempt from the income test.

Should you chose to leave Australia to live overseas, your Age Pension payment may still be paid, but your rate may change.

From 20 March 2017, the following pension payment rates will apply:

Maximum Age Pension payment rates

    Previous Current Increase
Single Base $797.90 $808.30 $10.40
  Supplement $65.10 $65.90 $0.80
  Energy Supplement $14.10 $14.10
  Total $877.10 $888.30 $11.20
Couple (each) Base $601.50 $609.30 $7.80
  Supplement $49.10 $49.70 $0.60
  Energy Supplement $10.60 $10.60

Total $661.20 $669.60 $8.40


The Pension Supplement is paid as part of certain regular fortnightly income support payments to help eligible recipients meet the costs of daily household and living expenses.

Pension Supplement* basic amount

 

Previous

Current

Increase

Single

$22.70

$23.00

$0.30

Couple separated

$22.70

$23.00

$0.30

Couple (each)

$18.70

$18.90

$0.20


Pension Supplement # minimum amount

 

Previous

Current

Increase

Single

$35.00

$35.40

$0.40

Couple separated

$35.00

$35.40

$0.40

Couple (each)

$26.40

$26.70

$0.30

Updated 20 March 2017

You can find out more about Age Pension payment rates by viewing our articles below.

Is renting a room worth the hassle?

room for rent

Is renting a room worth the hassle?

Janne is contemplating renting out a room to cover maintenance costs.

Top Stories

  1. Pension increases – 20 September 2016
  1. How is my car valued as an asset?
  1. Centrelink assessment of gifts
  1. Will my Age Pension reduce?
  1. Are Age Pensions being cut?

Pension Supplement explained

Pension Supplement explained

Pension Supplement explained

Debbie explains what, and how much, the Pension Supplement is.

Rent assistance – 20 March 2017

small house sitting on a blackboard

Rent assistance – 20 March 2017

Find out what the new payment rates and limits for rent assistance.

How are my pensions taxed?

Mature man in office looking at finanical documents

How are my pensions taxed?

Ken is confused about how his Age Pension and income stream are taxed.

Will the pension increase by $30?

Australian money enclosed in a pension jar

Will the pension increase by $30?

Who will receive more in Age Pension from January 2017?

Join YOURLifeChoices, it’s free

  • Receive our daily enewsletter
  • Enter competitions
  • Comment on articles

you might also be interested in...

Is Centrelink checking your bank account?

Does Centrelink have the power to check your bank account?

Centrelink assessment of gifts

How will a monetary gift of $10,000 affect the recipient’s Age Pension?

Your retirement and the Age Pension

Simplified and concise information on retirement and the Age Pension.

How will I be assessed?

How will I be assesseRichard is seeking clarification on how his assets and income will be assessed.d?

Pension advance payments

A pension advance payment could help Tracy deal with a couple of unexpected bills.