13th Mar 2018

Age Pension increases – 20 March 2018

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Age Pension increases – 20 March 2018
Leon Della Bosca

In accordance with indexation, Age Pension payment rates will increase as of 20 March 2018, but today, we can help you find out if you’ll receive more money as a result.

From 20 March 2018, the following pension payment rates will apply:

Maximum Age Pension payment rates

     Previous   Current   Increase 
 Single  Base  $814.00  $826.20  $12.20
   Supplement  $66.30  $67.30  $1.00
   Energy Supplement  $14.10  $14.10  —
   Total  $894.40  $907.60  $13.20
 Couple (each)   Base  $613.60  $622.80  $9.20
   Supplement  $50.00  $50.70  $0.70
   Energy Supplement  $10.60  $10.60  —

 Total  $674.20  $684.10  $9.90

 

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

 $23.10

 $23.40

 $0.30

 Couple separated 

 $23.10

 $23.40

 $0.30

 Couple (each)

 $19.00

 $19.20

 $0.20


Pension Supplement# minimum amount

 

 Previous 

 Current 

 Increase

 Single

 $35.70

 $36.10

 $0.30

 Couple separated 

 $35.70

 $36.10

 $0.30

 Couple (each)

 $26.90

 $27.20

 $0.20

 

Pension Supplement basic is for those receiving a pension while overseas
Pension Supplement minimum is for those paid a pension under the transitional rules

 

Planning your finances in retirement will help you decide whether you can support your ideal retirement lifestyle with or without the help of the Age Pension. 

And, if you’ve just missed out on a part Age Pension due to your income or assets, indexed thresholds may mean you now qualify, so what are the new rates?





COMMENTS

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Raphael
13th Mar 2018
3:38pm
Wow - didnt realise the single rate goes up to $2.5k Add up all the other discounts and its realistically up to $30k
One can live quite comfortably on that

Any extra income under the cut-off is a nice bonus - for overseas holidays, cruises, upgrading the car ...
Veritas
13th Mar 2018
4:42pm
Now now Raffa, thought I'd hire a new butler or dust off the old jet. Take a little junket to Honkers - HAHA. A chance would be a fine thing.
Foxy
13th Mar 2018
5:50pm
.... hahahaaaa - coming to live with you Raph ..... :-)
inextratime
13th Mar 2018
6:58pm
Not sure what abacus you are using Raph but by my electronic device 26 x $907 which includes the full supplements amounts to $23,597 a year. Now if you live in Sydney and rent deduct $18,200 leaves $5,397 or $103 .78 per week to pay for food, electricity, gas, travel, clothing etc. Very comfortable. LOL.
Raphael
13th Mar 2018
7:21pm
Why do you live in Sydney if you dont own a place . More fool you
The $2.5k was a typo, was meant to say $25k
HS
13th Mar 2018
9:33pm
The increase is only $343.20 per year, making the full pension for singles a maximum $23,597.60 pa including all supplements !
jackie
14th Mar 2018
10:33am
I agree its pocket money for those that own their own home and have lots of money in the piggy bank. For those that don't which is the minority the increase makes no difference.
KSS
14th Mar 2018
2:02pm
Hardly pocket money for home owners jackie since the homeowner has outgoings renters don't have like, maintenance, water and sewage charges, rates, home insurance, strata fees (not all have these its true). Be a homeowner in QLD for example and see how much home insurance is! And I haven't added contents insurance because renters can choose to have that too.
KB
13th Mar 2018
4:39pm
If you rely only on the pension then it is just liveable.If you have a car to maintain then no.
Veritas
13th Mar 2018
4:46pm
So right KB
Foxy
13th Mar 2018
5:14pm
.... not "liveable" if you in Private Rental!!!!
*Loloften*
14th Mar 2018
3:15am
Not liveable when spouse diagnosed with terminal cancer, most sadly passed away @ 61, especially if have Private Health Insurance which cost us many $10s of thousands during the 9yrs of treatments/consultation/scans/tests etc. I now need to maintain a 20yo car/50yo house/approx 25 appliances including ducted heating & cooling. Can't afford to do all but need my car to babysit youngest kids (live 25km away) so they can pay their mortgage, saving the current govn'mt very many $s in supplements for childcare.
Jannie
22nd Mar 2018
10:18am
KB I agree with you. I am still working at 70 to make ends meet and yes I do own my own home so I am one of the lucky ones. It is a joke that refugees and politicians are the only ones really benefiting in regards to handouts.
Veritas
13th Mar 2018
4:44pm
We don't count in the scheme of things
*Loloften*
14th Mar 2018
3:20am
When are THEY going to realise that we babyboomers are approx 25% of current population, & we do vote!!!
Ted Wards
14th Mar 2018
9:47am
We all realise of course that Australia is a great country to live in and that we do get welfare. Many others don't so perhaps we should look at this in a positive light that in fact pensioners do count and they are supported. Future generations wont be so lucky.
Sadie
13th Mar 2018
5:06pm
What about Rental Assistance. Does that go up. I am in private accomodation and my rent will be going up when lease is renewed,
Cowboy Jim
13th Mar 2018
7:14pm
Everything is going up, some people in private rentals do not know the ever increasing council rates, body corp fees and insurance
premiums. Without capital gains prospects there would no longer be any private rentals and the Govt could house all the ones not wanting to save for a dwelling.
sunnyOz
14th Mar 2018
4:13am
Sadie - rent assistance has increased - drum roll please - $1.80 per fortnight!
BERRYUPSET
13th Mar 2018
5:21pm
Any rent allowance increase??rsvp
HS
13th Mar 2018
9:38pm
Yes ! It's gone up by a $1.80 per fortnight.
Theo1943
13th Mar 2018
5:24pm
Wow! That's nearly 1.5% increase.
Cowboy Jim
13th Mar 2018
7:17pm
Take everything you can get is my suggestion - they could make a
reduction. Everyone moaning, a cut of 10%. Do not give them ideas.
Old Man
13th Mar 2018
5:44pm
Earlier today there was a lot of comments about taking a legitimate tax refund off retirees and most argued that it was about time. Now we see that retirees are getting an increase in their pension and still we have people knocking it. I wonder what people really want, is it an increase in money for retired people or a decrease in money for retired people.
TREBOR
13th Mar 2018
6:04pm
Robin Hood the rich - feed the poor ...
VeryCaringBigBear
13th Mar 2018
6:14pm
It won't make sense for many people to keep their super funds after retirement age with Bill's foolish proposal. He certainly hasn't thought that one through.
*Loloften*
14th Mar 2018
3:24am
The Aus basic wage (obviously what one needs to live on) is currently $35,000. The Age pension, nor any pension comes anywhere close it.
TREBOR
13th Mar 2018
6:01pm
Scott Morrison, in his deepest sleep, could be heard mumbling:-

'Budget Crisis... Budget Crisis... Budget Crisis... politician pay rise.... top up super.... Budget Crisis...Joe was right... everyone else is wrong.... election year... election year.. change the bullshit.... Budget Rosey... Budget Rosey...."
heemskerk99
13th Mar 2018
6:56pm
oh just to see one sensible comment of tremor (labor mick), this morning you could not be more pleased with shortie's new idea of how to rip off pensioners incomes, you stated how you loved the double taxing of the pensioners income, yet now you complain about the increase in their pension, "rich feed the poor". tremor, (labor mick), some in these columns might think you are the easter bunny however you proved yourself to be just a labor bunny, many words, great orals, lots of hot air yet never able to state the wrongs of your beloved a.l.p.
Cowboy Jim
13th Mar 2018
7:11pm
Labor Mick could be our new Mr Rudd, he loves the long words
as well.
*Loloften*
14th Mar 2018
3:30am
Huge mistake by Shorten/ALP. I have approx $12,000 in personal Shares with approx $400 of dividends annually....yippee, as age pensioner coming just a tiny bit closer to often stated basic wage of $35,000, wish, living in hope & poverty.
Billy
13th Mar 2018
8:03pm
Two words 'BIG DEAL'.
trood
13th Mar 2018
9:34pm
Yes, big deal $6.60 extra a week, nothing startling there
James@
13th Mar 2018
8:20pm
Just checked my next due after 20 March It went down by $1.20. Need to see my accountant and find out how much I have been UNDERpaid over the last year.
Charlie
13th Mar 2018
8:34pm
I will need to up my medication to get excited about an extra $6.50 a week.
freed1948
14th Mar 2018
12:02am
Jeez, the extra beer thinking about the rise just cancelled it!
World Prophet
14th Mar 2018
11:31am
So Bill Shorten wants to rip off all those who are share owners. A shareholder is a part owner of the business they have shares in. That business pays company (income) tax on it's profits. From the profit left after tax it pays a dividend to the owners (shareholders) of the business. Where the shareholder would be entitled to a tax refund, he want to take that away. Best way to overcome the problem is to allow businesses to pay dividends before company tax is levied and let the tax be owed by the shareholders. But maybe that's not what Union Bill had in mind... He thinks that this policy will be immensely popular with the great unwashed, not realising that many have shareholdings, either direct or through their super funds. I think he just kicked a giant own-goal.
KSS
14th Mar 2018
1:56pm
Just for a bit of perspective, the UK pays everyone the same pension (depending on how many years you worked) and the full pension is the princely sum of £159.55 per week which at today's exchange rate is $283.568. In other words they get roughly 32% of what a full pension here is (no extras in either case). If you think your lot is bad here, spare a thought for those in the UK who must live on less than $300 a week with all the same expenses you have.

This may be of interest and you can change the cities to make a comparison: https://www.budgetdirect.com.au/interactives/costofliving/compare/sydney-vs-london/
Justsane
14th Mar 2018
3:12pm
KSS: But $283.568 per week is $567.136 per fortnight. Less than the full pension in Australia, either for singles or for couples each. But much more than 32%.
KSS
15th Mar 2018
6:45am
My apologies it is of course 62.5% - 37% LESS than the Australian full pension.
Robert Henry
14th Mar 2018
6:52pm
So my increase is $13.20 that's $6.60 a week, and is not even enough for two cups of coffee.
We are well below the poverty line and this awful government is treating us with contempt. My Health Insurance is going up again so I think I'l have to drop out now after all these years of membership. I was almost a fully funded retiree but the GFC put an end to that and illness has drained my savings to the point where I didn't have enough to bury myself when I die. I had a water leak under the back patio that cost me a fortune for an emergency plumber. I have a storm-water drain that needs attention that I can't fix and a side fence that needs replacing but no money. The $6.60 a week is contemptable. Get rid of this Fascist Government who support crooked Banks and Corporations who pay no tax.
heemskerk99
15th Mar 2018
7:04pm
whow I am running out of hankies after reading some of the comments in regard to the pension increase, never enough must be the motto of to-day, some advise for some of the moaners, charlie instead of increasing your medication drop one and you dubble your weekly increase, freed 48, while a bit young to drink alcohol, go to 1st choise liquor and your pension increase will buy you an extra 6 cans of beer (hammer and thongs) $ 1.00 a can and with the change left over you can buy an extra seven cans the second week, robert, the $6.50 1st week will enable you to buy a beautiful tin of coffee at coles or woolworths which will give you a minimum of three (3) extra cups of coffee a day for the rest of the month however don't forget to much coffee might harm you, if any of you think labor will do a better job you are dumber then I thought, just see shorties latest promise, my advise, think before you put your crosses on the next ballot paper!!!!!!!!
Johnny
16th Mar 2018
8:42am
maybe we Baby Boomers might be precluded from voting once we get to 70 because the powers to be think we're not important. We have paid 40 years' taxes as we were the generation who worked to build this nation to what it is today. I am a self funded retiree and thank God every day for my financial position but I feel for those on the pension.
Kathleen
23rd Mar 2018
1:38am
So we get that increase twice a year which means it could be nearly $40 per fortnight over the year for a pensioner couple. It is more than the English pension as one person on here reported. If you are frugal and own your own home most people are able to manage. I have a cousin and a brother who also need to rent. They are out of the big cities but still in driving distance as are we. Both those couples are also managing. A single pensioners renting would find it harder. What my two renting relatives can not afford that we can is private health insurance. I understand that some may find it harder who have additional expenses. We live in a good country and we are pretty lucky overall!
Annick
2nd Apr 2018
12:43pm
we are Age Pensioners and rent in an outer suburbs or Melbourne our fortnightly is just over half our pension not leaving us much to live on. We do get rent assistance which helps. With smart budgeting we manage plus I also work one day a week for the extras, grand children birthdays and Christmas with a holiday now and then. Can't afford to eat out or go to entertainment. Very meagre existence. Have applied for public housing most likely will be dead by the time we get to the top of the list.
Mojobomber
2nd Apr 2018
1:34pm
That is terrible Annick. I hope you get some assistance.
Mojobomber
2nd Apr 2018
1:32pm
?
Mojobomber
2nd Apr 2018
1:33pm
My husband got a whopping $2.12. Woop dee doo
Rocky2
10th May 2018
11:11am
As it is a offence as under the Age Discrimination Act 2004 To Discrimination on the basis of age, or the Sex Discrimination Act 1984 Discrimination on the basis of sex, marital or relationship status, our government Should be looking at Couples each receiving the same as a single person on the pension, and to say two living together is cheaper than one they are dreaming.
ronloby
7th Jun 2018
11:45am
What we need is for ALL pollies to live or should I say exist on the Age Pension for 6 months with NO PERKS. Pay their own way ie: Travel to work (no com car), buy food and petrol, pay rent, health insurance and any other costs. I know this would NEVER happen but it would be good to see how they would fare on the pension.


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