Age Pension increases – 20 March 2017

How much more Age Pension will you receive?

dollar sign on post it

In accordance with indexation, Age Pension payment rates will increase as of 20 March 2017, but today, we can help you find out if you’ll receive more money as a result.

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

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. Keep an eye out for our free YourLifeChoices Age Pension guide, which will be in your inbox after 20 March 2017, and will provide you with the information you need to ask the necessary questions about your retirement income.

If you don't receive an Age Pension, from 20 March 2017, Newstart Allowance rates and thresholds will also be indexed. Find out if your payment will be affected.

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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    SuziJ
    9th Mar 2017
    11:54am
    What about rent assistance? Is that going up too?
    SGW
    9th Mar 2017
    7:43pm
    Roby not socially acceptable i know, But go forth and multilpy
    MICK
    9th Mar 2017
    9:12pm
    We don't get a pension Roby and I am happy with that. Let's not attack those who do remembering that Australia does not rank anywhere near the top in the rankings.
    Rent assistance though is another story and I fail to believe that governments should hand out money for this.
    TREBOR
    9th Mar 2017
    10:10pm
    Roby - so is whatever you get.. too generous for you kind.

    Go forth and fork yourself.
    Aussie
    9th Mar 2017
    10:52pm
    Roby

    Second apology to SuziJ .... what in hell you doing
    John from Perth
    9th Mar 2017
    11:55am
    Wow! An increase. However, every time i do online Lotto and top up my electronic wallet my
    bank (Bankwest) charge me a $4 gambling/gaming fee. This started recently. So my increase is almost cancelled out already. So now because i do some Lotto i am classified as a gambler. So insulting. Can this come under defamation of character? I don't do Casino or Races. I have contacted my Bank. Waste of time. Contacted my Local Member last week but no response as yet. Oh! Wait. State election this week. More important things to do.
    HDRider
    9th Mar 2017
    12:09pm
    That's a disgrace John, what right does a bank have to add such a fee, it is more like a Tax! I'd change my bank immediately and check if other bank's have such a thing.
    Old Man
    9th Mar 2017
    12:19pm
    Gee John from Perth, be grateful. I am because the increase means that if I save it up for only 6 months, I can buy a carton of Coopers Pale Ale.
    Topcat
    9th Mar 2017
    12:24pm
    Banks - what do you do eh? I was thinking of changing banks and going to BankWest but maybe I will need to reconsider. There's always a catch somewhere!!!!!
    KSS
    9th Mar 2017
    12:56pm
    Easy to avoid the fee - buy from a newsagent or other outlet instead. You would also be helping an Australian small business and keeping someone in a job at the same. Win win I'd say.
    Lippy
    9th Mar 2017
    1:07pm
    John, take your foot out of your mouth. You are complaining about a bank fee but are you willing to say how much worth of winnings you get from gambling? People do what they want with their pension but to complain about $4, you must be one of those people who the media do a story on about making a pension stretch per fortnight and in the background are the poker machines. This increase will not change your chances of winning more on gambling so try saving money. Also, ask your bank if they do the same as the pubs/clubs and donate any of this fee to the real needy. Bet they don't and are make HEAPS of interest.
    eggles01
    9th Mar 2017
    2:57pm
    JOHN, just tell them to drop the $4 or drop them and go to another bank
    NOW LIPPY,are you so silly that you think everybody that has a punt on lotto actually wins more that what they put on every game and suffers no losses,you must be on a good wage or salary to not be able to see how much that $4 means to pensioner,
    Bonny
    13th Mar 2017
    8:00am
    John if you can afford to buy Lotto you are simply getting too much welfare.
    Geminiwoman
    14th Feb 2018
    10:03am
    OMG Bonny, are you saying that just because someone is on a pension they are not entitled to have a life. I am on aged pension and I buy 2 x $2 lottery tickets each fortnight, the extent of my gambling, however, we are human beings and the small amount that any of us can manage to buy lottery tickets, lotto, keno, whatever, is just a small pleasure. Surely we're entitled to that. I would like to be the fly on the wall when you are forced to live on a pension.
    Old Man
    9th Mar 2017
    12:04pm
    There was an interesting interview this morning with Paul Clitheroe which I think throws a sensible spotlight on the age old question; "How much do I need to retire?" He said that all that is needed to retire at age 65 is to establish how much is needed to live on and multiply that figure by 17. This will give the amount to support a return which will provide the required annual income.

    Now, if we assume that a couple needs $50,000pa to live off, multiplying that by 17 indicates that super funds of $850,000 is required. However, if the age pension of $34,800 is deducted from the $50.000 and the balance is multiplied by 17, the super funds required drop to $258,400. To me this is a more realistic figure when compared with the frightening numbers thrown at us by the media. I realise that there will be a lot of other factors involved and this exercise only applies to those eligible for a full age pension but it should be pointed out that the super funds above are well below the threshold for the cut-off assets test.
    KSS
    9th Mar 2017
    12:58pm
    why multiply by 17 Old Man? Is that the average life expectancy on the pension?
    Old Man
    9th Mar 2017
    2:41pm
    No idea KSS, that question was asked this morning and the answer was no. I think it may be part of a formula the same as rule of 72 is part of a formula to establish how many years it takes to double money invested or the rule of 78 which is part of a formula used to give rebates on a flat interest loan.
    Greg
    9th Mar 2017
    3:28pm
    That's old news Old Man also the "frightening numbers" aren't from the media, that number I think you refer to ($1,000,000) came from the head of Challenger Financial who obviously was taking up the investment funds.
    MICK
    9th Mar 2017
    9:18pm
    I agree with your comment about figures coming from the media Old Man. They do beat this issue up.
    Where I suggest your calculations fail are in making predictions about the future and assuming you need $50,000 to live on. I guarantee you that anybody who owns their own home and has a frugal lifestyle can survive on a heck of a lot less than that. The issue is people have expectations driven by the media on its lifestyle wank rather than what is actually needed + a few bob to have some fun.
    My wife and I travel the world. Away now. That works on much less than the above figure and I suggest that people need to get a bit real and the government stop coming after retirees.
    The pension, from my perspective anyway, is fair but not generous. That is all it is supposed to be or do I have that wrong?
    TREBOR
    10th Mar 2017
    1:42am
    Whoa, Mick - didn't you just do an overseas trip? Are we talking about bare existence here or about having an earned retirement?

    Sometimes you smack alarmingly of one who has a little too much and suffers the Hanson syndrome of assuming that everyone else is below standard and deserves no more than a pittance.

    That is one massive underlying fault in our system of governance in this country, and is certainly a view not based on the actual efforts of many to get ahead under a very dark and bleak sky of increasing overheads and government and business stupidity.

    Simply put - there is no factor in your view for effort, loss, disaster such as divorce and any other of any number of circumstances that can lay a person low.... and NOBODY has the 'entitlement' to suggest that all who live on pension are ne'er-do-wells.

    The age of such entitlement is over, Mick. Get your mind, right.

    You often state clear truth about social issues - but sometimes you wander off the road and hit a tree....
    MICK
    10th Mar 2017
    4:09am
    Currently not in Oz TREBOR.
    Comment is a bit harsh. Our budget is small and travel costs can be a motza or zilch. We choose zilch or don't go!
    We aren't loaded so get that one right. Our income is close to the pension but we get not $1 of anything from the government. Our recipe is to do without things and do our own maintenance at home where we can. Nobody can stretch a dollar like we can!
    In case you are wondering we also are feeling the pinch as inflation is being driven hard in this country with the cost of almost everything rising whilst our modest income is flat.

    I haven't hit a tree. We have no 'entitlement' and I do stick up for those being abused. You of all posters would understand that.

    Some of us do not fit the norm and I understand you have been through a rough time. My comments were not directed at you or others in a precarious situation. My aim was at those who 'choose' to not have enough at the end of the day and nothing highlights this more to me than my local Westfields shopping centre with scores of older folk sitting around scoffing down coffee and cake at all times of the day. You can do that at home for free and the cost over a year would not be chicken feed.

    I would appreciate it if you would not lump me in with the parasites at the top of the tree who abuse everything and thumb their noses up at everybody else. I take a balanced realistic approach whilst recognising the crooks at the top end of town and those at the bottom having no self control and crying wolf. We are all better than that.

    As I have said above pensions in this country are not on par with many other western countries. I recognise what is happening within the current government and what it is doing so expect my support........but do not call me a silvertail without knowing where I have been, what I have been through and how I live.
    No hard feelings. Cheers.
    Rae
    10th Mar 2017
    9:23am
    A few years ago I caught a ship from New York to Sydney. It was when planes were being shot down and I was in the US and did not want to fly.

    It was the last leg of an Australian Round the World Cruise. The majority of people I me when queried were OAPs.

    They cruised a lot. Living frugally and going travelling. Owned their own homes.

    As MICK said I am also bemused by the daily coffee cake thing from those crying poor. And the lottery/lotto splurge.
    Literally throwing money away.

    I am certainly not amused by the millions of new Australians claiming welfare and because of that cost I missed out on my promised retirement entitlement. No I'm not that damn kindhearted.I'll never forgive the LNP, ALP or Greens.
    The unfairness of only targeting savers, and compulsory savers at that who struggled for decades raising families on the pittance left after taxes and super were taken is unforgivable.

    The biggest problem is the attitude of paying the bills, spending every last cent left and crying poor. A lot of Australians have that attitude. She'll be right and the taxpayer will look after me.Why should I go without what I want right now?

    Yes certain hardships do occur for those divorced, in violent relationships, ripped off by fraudsters etc. There should not be too many of these though.

    I know women living with tradesmen getting single mums pensions and business people tying everything up tight in the home and getting the OAP even after paying little tax and getting all kinds of taxpayer funded largess due to being important business people.

    Howard sorted the taxes out. You can almost not pay any now legally. The welfare bill is out of control in a country that earns nothing due to government policy stupidity dictated by right wing nut jobs.
    TREBOR
    10th Mar 2017
    2:27pm
    I do understand all that, Mick - it's just the way your previous post came out.

    Yes - there are those who cop their social security while living in etc... how do those people get caught? They usually work it out so that they have separate bedrooms etc - maybe even a separate residence...

    An under-staffed Centrelink would find it difficult, which is why it has to resort to this shotgun approach. As you know - I finished work at a club last year before retiring here - never had a moment of problem with The Good Colonel when it came to incomes, which varied every week. It can be done.... but then I'm an old school honesty guy with no sense (as an old digger mate told me once)...
    MICK
    10th Mar 2017
    8:01pm
    We are on the same team TREBOR. I work against my own interests on some issues but I am a fair sort of guy even if it hurts the bank account, unlike some posters on the website who are protecting their own patch and happy to do a deal with the devil.
    My initial post above was about those who rort and Rae's post was along the same lines. Whilst, like Rae, I have always been a prolific saver I am now denied any sort of 'pension'. So be it but it is time we had a government which acted fairly and fixed the glaring problems which are let go because it is politically damaging to fix some things. That may be politics but it is not government. And the band played Waltzing Matilda...........
    And yes I am aware there are always grey areas in anything. Hope you are managing a fate I to date have been fortunate enough not to have had to dea with. Chin up mate.
    Charlie
    9th Mar 2017
    1:14pm
    I notice they always leave out rent assistance when they are talking about age pension and unemployment benefits. Everybody in Human Services Department must own their own home.

    A few times I have looked at pension payouts and thought I get more than that, have they made a mistake? Are they going to ask for it all back?
    tia-maria
    9th Mar 2017
    2:18pm
    Charlie we do need that rent assistance, unfortunately our politicians don't care enough about us and will try and over look it...........as it breaks their hearts to help the retired pensioners
    eggles01
    9th Mar 2017
    3:06pm
    Hey Charlie,the reason they do not include the rent assistance it is not part of your pension it is a separate payment and it increases every 6 month the same as the pension does,ever since I opened an online account with centrelink each pension date I go online and can see exactly how much I have received and that includes any rent assistance
    TREBOR
    10th Mar 2017
    2:34pm
    Well - starting from the basis that the Pension will remain - this entire issue needs more looking at, and should not be viewed in the same basket (case) as other Social Security. Pension is not a 'safety net' - it is drawing on a lifetime's contributions (I won't argue that again), unlike say, Unemployment Benefit, which is more in the category of an 'investment' in the recipient getting a job, or single Mother's, which is quite obviously an investment in the future of this nation's children.

    What needs to be looked at closely is - perhaps - DSP (though I hate to go near that one - there are so many disabilities), childcare subsidy (not technically part of the SS budget) and how it is given out, and in another sphere, concessions to business large and small.

    I have more time for small business concession, which is why I have looked at the US system of a graduated company tax - the more your company turns over, the more it pays %-wise, similar to income tax. Perhaps that could work to benefit small business and promote the economy, while reeling in some of these major corporations that pay nothing.
    floss
    9th Mar 2017
    1:28pm
    We have lost all our pension thanks to the Tumbull Government but in one way it is good to be away from the mess they have made of C.Link. I don't have a problem with the front line staff as they do a sterling job sorting out the mess these Liberal Party morons have done.
    Lippy
    9th Mar 2017
    1:43pm
    You stole Tumbulls thunder, LOONEY they are.
    TREBOR
    9th Mar 2017
    3:57pm
    You must be DW - the ex's eldest son's f-i-l - he shirt-fronted his local member over cuts to his pension.
    Old grey
    9th Mar 2017
    1:51pm
    Old Man if a couple have $850,000 in savings/super/other assets, they don't qualify for an old age pension, so your maths are slightly out
    TREBOR
    10th Mar 2017
    2:36pm
    (don't mention this out loud in case they hear) - including the family home would cut many thousands out of their food money....... I'd hardly call that fair.

    I'll say it again - the entire discussion of pension is not based on any incumbent government 'bottom line' - it is based on a far broader social bottom line, and petty government nit-picking over the relatively small amount per pensioner is absurd.
    The Brew Master
    9th Mar 2017
    2:23pm
    Old man where do you live? Over $105.00 for a carton of Cooper's Pale Ale, I can buy one for less than $50.00. I only paid $50.00 for my last carton of Sparkling Ale, I must admit they were on special.
    TREBOR
    9th Mar 2017
    4:01pm
    Got the Toohey's deal - 30 can pack plus a long neck bonus for $51. I used to brew Coopers..... but I drink too much of it if I do.
    Old Man
    10th Mar 2017
    11:34am
    Ah, caught me either telling porkies or having a lack of mathematical skills. Did you know that there are three kinds of people in the world? Those who can count and those who can't.
    Aussie
    10th Mar 2017
    2:30pm
    No No No Old Man you are wrong ... they are 4 people you forgot CentreLink ..... have a look the pension payments for people overseas and you will find a big addition mistake and has been there for over a year ... so add them to your list .....

    https://www.humanservices.gov.au/customer/enablers/pension-rates-payable-people-outside-australia

    Should be $20,754.40 + $590.20 = You add this and look the website

    That is your 4th member
    TREBOR
    10th Mar 2017
    2:38pm
    Maybe that was a 2 cases for deal, OM.. I get those sometimes.
    Old Man
    10th Mar 2017
    3:55pm
    Thanks TREBOR but I really stuffed up. I have no excuses but then everybody else is blaming Turnbull so....
    TREBOR
    10th Mar 2017
    6:43pm
    It's part of the carry down from Labor, so I hear around the traps... some kind of booby trap set in place by Gillard or something...

    I'm considering getting a still - the ex's sister and her hubby came down for a visit, and the sis said she didn't brew beer any more. I said "Off the grog?" - she said - "No - got a still now."

    Good stills to be had from China....
    freed1948
    9th Mar 2017
    3:44pm
    What I don't understand is: The last increase in September was $3 per fortnight.
    This increase is more than 3 times that.
    Has the rational for the indexation improved by a factor of 3.
    Is there an independent number cruncher to check the government number crunchers?
    TREBOR
    10th Mar 2017
    2:39pm
    a) bad polls?

    b) election in the air?

    c) awakening of a social conscience?

    d) excess money in the till?

    Ummm - lock in... lock in a), Eddie... I'll guess at a).

    For a millyun dullahs.. you'll take a) You sure?
    Aussie
    9th Mar 2017
    3:50pm
    Hi all ... This is the way I save some money from bank charges.
    I have a Citibank account and I pay no fees at all not even on any overseas ATM withdraws.
    The only time I pay fees is on the local banks or other branches in AU and cost me $2.00 except if I use my card with Westpac because there have an arrangement (Westpac Network ATMs (Westpac, St George, BankSA, Bank of Melbourne etc.) are fee free.)

    I use to use my CBA card overseas and cost me a lot of money every time I get $$ overseas ..... I use to pay overseas withdraw service + ATM fee to a total of about 4 dollars plus the local bank fees another 5/6 dollars ...shit a lot of money so I shop around and I found Citibank ..... now I only pay the local bank fee overseas and $0.00 with Citibank I am saving several dollars plus account fees with Citibank and is very reliable and super secure if you are overseas they communicate with you for every transaction that occur on your account in real time....

    https://www.citibank.com.au/aus/banking/everyday_banking/citibank_plus.htm

    also check this out ......

    http://whirlpool.net.au/wiki/citibank_plus_transaction_account

    Just an Idea to same some bloody fees ...certainly I am saving a lot of money x month and also they pay you small interest on your account deposited money .....not bad at all
    TREBOR
    9th Mar 2017
    3:55pm
    Whoo-hoo - two schooners at the club! Two loaves of H***a's bread! If I'm lucky 9-10 litres of petrol! 2/3 of a kilo of cheap cut meat! Maybe 1.25 packets of snags......

    Good thing I grow my own vegetables.....
    Aussie
    9th Mar 2017
    4:06pm
    TREBOR ...... congrats mate ....same here next year ..... 80% self sufficient ...Solar, veggies ... I only buy chicken and some beef but soon I am considering to have my own chickens and turkeys for consumption ..... (Sorry for the spelling ....he he)
    TREBOR
    9th Mar 2017
    10:16pm
    It would be fine without all the costs of running many kms for two for medical treatment. Fortunately I get some of that back.

    We don't have chooks here because it is very country town and chooks do smell. Mind you...... they could have free shot at my raised garden beds for slugs and such... about to expand the beds - nearly double them - cool weather crops now.

    I might re-consider chooks.
    MICK
    10th Mar 2017
    6:25am
    Growing your own veges is a hobby rather than sustainable. We do the same and the produce is incomparable to the crap they sell us at the supermarkets.
    I am overseas at present and have NEVER had oranges like this before. Sweet, juicy like I can't explain and flesh which melts in your mouth. Price for 3 kg is ?1.50...and then there is the cheese which you would pay 5 times the price at and patisseries which are superb and cheap. And it does not end there.

    Whilst I love Australia the food is expensive and generally crap. Maybe Debbie you might like to write a story as to WHY this is so?
    Rae
    10th Mar 2017
    9:37am
    I agree MICK. The prices are dreadful for everything in Australia.

    We had wonderful orange groves here back when. They bulldozed them to build a series of rabbit warren housing estates.

    It was a great pity they failed to employ any planners in the thing. The streets are too narrow to park in and so that third car the teen now needs has no home and the two lane road they feed onto is chocker as it should have been made four lanes way back when they started. A park or two for the kids would have been nice.

    An extra school or three and a hospital for the two hundred thousand new locals wouldn't have been shabby either.

    Pity we have no regional planners or state planners.

    I'd like a story on why urban planning has been such a failure.
    Jannie
    10th Mar 2017
    10:53am
    Agree with you Rae I would like some answers too. The whole infrastructure is breaking down, we are not coping with the ever increasing population. What are the planners doing? They need to look at the big picture as to increase the population does not necessarily mean extra taxes.
    Well off to look for work as the pension is not enough to live off, I have had to go into savings to make ends meet, at 70 one should not have to do this. Any ideas out there?
    TREBOR
    10th Mar 2017
    2:43pm
    Mick - when the banana boats take so long to cross the Pacific etc, the oranges etc are kept in cold storage after being picked a little early so they won't rot. Cheese I can't explain other than to say that it's another of those global economy things, meaning local companies sell it offshore and then we pay top dullah for it.

    Sounds like you are in France - France very treacherously to the EU and the GE actually protects its farmers.... or it did, anyway, which was one gripe that lead to Brexit. Britain was wide open while other nations were playing protection of local industries.
    Joyful56
    10th Mar 2017
    2:26pm
    KSS - easy for some but if you live in the country like I do, it's a 70 kilometre round trip to the local newsagent who does lotto - so for some of us, online is an easier and less expensive option.
    seagirl
    13th Mar 2017
    12:42pm
    Pensioners struggle to on less then minimum wage the gov of Australia should be a shame of them self lots of the pensioners can not put the Air Conditioning on because of the power cost, and they lived in there homes and office in Air Conditioning, so the Pension increases is a insult we should have a $50 increases..
    elephants
    14th Mar 2017
    11:03am
    Wow just over $4a wk .wont cover the electricty .private health. Big increases plus other increases rates insurance etc.The way oz pollies treat it's seniors etc is a disgrace
    bobbyb49
    14th Mar 2017
    1:12pm
    I just read the post re Bankwest and the guy being charged $4.I also do online lotto and banking and do not get charged a fee.It could be the funds to top up are coming from a credit card,if so change the method to your savings account.
    KB
    17th Mar 2017
    3:42pm
    Rent assistance remains the same
    KB
    17th Mar 2017
    3:42pm
    Rent assistance remains the same
    Liverpool Anne
    21st Mar 2017
    2:42pm
    they tell you how much money you need to live on when you get to that certain age, however the main thing you are not told is PAY OFF YOUR MORTGAGE BEFORE YOU RETIRE. If you are one of those who still rent, heaven help you, because the Government wont. It is about time the Government did something about building cheap housing. there are too many Aussies living rough, for a rich country this is inexcusable
    HKW
    3rd Apr 2017
    5:00pm
    Just watch for the politicians salary increases soon.....
    Geminiwoman
    14th Feb 2018
    9:46am
    I have an issue with the rates above. I am currently on Aged pension and already get the following: Base Rate - $814.00, Supplement- $66.30, Energy Supplement - $14.10. I don't get any rent assistance but that's the rate as it stands. I don't understand where YLC get their figures from.


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