Centrelink updates often brought financial changes that could make a significant difference for pensioners.

This week, adjustments to key pension thresholds are set to take effect—potentially allowing more seniors to qualify for support and increasing payments for those already receiving them.

Here’s what’s changing and what it could mean for seniors across the country.

Thousands of Australian seniors were set to gain access to the Age Pension as changes to income and asset thresholds came into effect on Thursday.

From 20 March, the upper limits for the income and asset tests used by Centrelink to determine eligibility increased, allowing more people to qualify for a part pension while also providing a slight boost to pension payments.

Australians aged 67 and older needed to meet both an income and asset test to receive the Age Pension.

More Aussies now qualify for Age Pension. Image source: Pexel/Marcus Aurelius

With the updated thresholds, pensioners could now earn more and hold more assets while still qualifying for a part-payment.

Those receiving a part-pension were also entitled to the Pensioner Concession Card, which provided access to discounted healthcare, medication, and other savings worth over $1,000 annually.

The income limit for single pensioners to receive a part-pension rose to $2,510 per fortnight, an increase of $9.20.

For couples, the maximum fortnightly income to qualify for a part-pension increased by $14 to $3,836.40.

To receive the full Age Pension, singles could earn no more than $212 per fortnight, while couples had a combined limit of $372 per fortnight.

The figures did not include the work bonus scheme, which allowed pensioners to earn up to $300 per fortnight from employment without it affecting their pension.

The maximum assets single homeowners could hold while still qualifying for a part-pension increased to $697,000, while non-homeowners could now have up to $949,000.

For couples, the asset limit rose to $1,047,500 for homeowners and $1,299,500 for non-homeowners.

To receive the full pension, singles were restricted to $314,000 in assets as homeowners and $566,000 as non-homeowners.

For couples, the limits were $470,000 for homeowners and $722,000 for non-homeowners.

The Age Pension and other government payments, including JobSeeker, the Disability Support Pension, Carer Payment, and Parenting Payment, also increased on 20 March as part of regular indexation.

The maximum fortnightly rate for a single pensioner rose by $4.60 to $1,149.

Couples saw their individual payments increase by $3.50 to $866.10 each, bringing their combined total to $1,732.20—an overall increase of $7 per fortnight.

Social Services Minister Amanda Rishworth acknowledged the financial challenges faced by many pensioners, saying, ‘Indexation is a critical part of our social security safety net.’
‘For pensioners and other payment recipients receiving this financial boost, this will help ease some pressure.’

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• 'Get a job': Centrelink beneficiary garners mixed reactions from fellow Aussies

Key Takeaways

• Centrelink increased income and asset thresholds on 20 March, allowing more seniors to qualify for a part-pension.
• Single pensioners could now earn up to $2,510 per fortnight, while couples had a new limit of $3,836.40.
• The maximum asset limit for single homeowners rose to $697,000, with higher thresholds for non-homeowners and couples.
• Pension rates increased slightly, with singles receiving $1,149 per fortnight and couples getting a combined $1,732.20.

With the new pension thresholds in place, will these changes make a real difference to your budget? Let us know your thoughts in the comments.

 

[John Robert]

I just read a Sky News report that said
"Hefty cash boost for pensioners,"
Well that was a stupid enough statement but it was followed by an even stupider one
"Pensioner couples will receive an additional $5902.00 per year as each member gets an extra $3.50 boost to their regular fortnightly payments."
Whoops. Somebody needs to brush up on their maths skills.

Sky News? Say no more. Incompetent at best

 

[mitchellowe]

What a lot of wingers .

i bet you will not work 60 years plus and expect to be treated like a dickhead u must be

 

[John Robert]

Well thank you Mr Albanese for the $1.75 cents a fortnight, I should be able to buy a quarter of a biscuit but not a coffee, because I can't bloody afford it

$3.50 per fortnight but pint still well made.

 

[old and bold]

Albanese is too busy giving money away overseas to worry about his own country The price of Bowans renewables is cripling this country and they couldnt give a dam

 

[Towing]

It appears part pensioners get more than others do. Buy a flask and make your own coffee the same as before fancy coffee takeaways and walk in shops.

 

[IAN3005]

I agree with you wholeheartedly. I don't have any Super as I was a stay at home mum and when I did work there was no super. I'm over 60 and I thought it was meant to be in line with the indexed costs. So I'm insulted at what has been offered knowing how much more we are spending every where else. I'm dreading winter and trying to keep myself warm as I have Hashimoto's and feel the cold twice as much as normal.

No heaters are allowed in this house. With a hike of 13.22% in rates, even more action will be required.

 

[IAN3005]

That would cover a coin in a trolley.

 

[ECassidy]

This is a sick joke !! A boost??? Try to live on a disability and an age pension while raising our autistic grandchild our selves ...... with a couple of $$ "BOOST"/ fortnight ........

 

[mylittletibbies]

What a lot of wingers .

An unnecessary comment. Obviously you are not struggling like many other people. I am fortunate to have additional income, but that doesn't mean I don't understand the pain of those who don't and the absolute insult of this latest rise that nowhere near covers the continual cost rises people have to bear.
For instance, my car insurance alone just increased by $550/year, a $10/week increase. Obviously I insured elsewhere. House insurance. electricity, gas, groceries etc. The list is endless and pensioners continually fall further and further behind. How those paying rent manage I don't know.
I don't know why you found it necessary to make such a comment.
By the way it's "whingers" not "wingers".
I don't think too many pensioners can afford to wing it anywhere these days.

 

[Bridgette Pace]

What a lot of wingers .

Such a fab increase in the aged pension.

The upcoming increase in the pension: some reflections:
I realise that the upcoming increase in the age pension has some, particularly those in political circles salivating and celebrating the anticipated increase of $2.30 per week for a single pensioner and $3.50 per week for a couple.

I certainly realise that under a LNP government the even unbelievably modest increase would be unlikely and that the LNP still harbour the desire to control our money by introducing the ‘cashless debit card’ treating us like we are all financially incompetent nitwits incapable of managing our money.

However, not withstanding the above just how euphoric should one get?

The single person increase equates to about 4.5 cents per hour based on a 38 hour week and will buy about half a cup of coffee or slightly less.

As I understand it, this half yearly increase is meant to be in line with cost of living increases.

I wonder how this is calculated??

I mean, there are costs that have had a major impact before even considering daily food prices

Example: house and contents insurance on my place increased by $450 for the year despite no claims, not in flood prone area and ‘shopping around’

Council rates increased by about $200 per year in round figures, health insurance went up about $3 per week or $150 per annum.

Now, one does not have to be a genius to work out that even with just those three items, the $2.30 per week increase falls far short of these increases.

Perhaps I should do away with health insurance and houses and contents insurance??

Or, perhaps a proper livable pension could be paid so that when indexed it actually more closely reflects the cost of living increases?

Yes, I’m lucky because I own most of my house; about 90% of it, even a bit more but things must be even more challenging for those who don’t own a home.

I know people will race to defend the increase but, I’m sorry, I think it’s a paltry amount based on a miserly basis.

Should I be grateful anyway?

Perhaps. I was in the paid workforce for 52 years, never unemployed, paid taxes every year and hopefully, contributed positively to the community.

Is the expectation of a decent pension in old age unreasonable?

Not all of us were able to save and access a million dollar Super.

I don’t have the skill set to determine what is reasonable but the current rates don’t ‘feel’ anywhere near fair.

I note that many aged pensioners are having considerable trouble balancing the budget when unplanned contingencies arise such as serious dental work.

Since the bureaucrats/politicians et al will never "walk in our shoes" they are incapable of grasping the basics of how difficult it is to live on such a small amount every week. It is, nonetheless, galling that their empty vessels have such little grey matter that they consider the $2.30 increase worthy of such accolades. If anything, they should be downplaying this disgraceful insult to the senior citizens who after years of hard work and paying heavy taxes should be treated in such a shabby manner. By the way, what was their pay increase over the past two years ... enough to make one's blood boil!!!

 

[Kinchar]

The rise of $4.60 doesn't help with the continued cost of living.

 

[Janice McKay]

Oh WOW. A whole $7 a fortnight for my husband and I. Now we have to decide what we are going to do with this bonus. 1. Save for a holiday, 2. Pay off our mortgage or really splurge and buy some new underwear. Decisions, decisions. Thanks so much for such a lousy increase. Thanks so much for us paying taxes since we were 15 to 68 years old.

 

[Singomate]

Such a fab increase in the aged pension.

The upcoming increase in the pension: some reflections:
I realise that the upcoming increase in the age pension has some, particularly those in political circles salivating and celebrating the anticipated increase of $2.30 per week for a single pensioner and $3.50 per week for a couple.

I certainly realise that under a LNP government the even unbelievably modest increase would be unlikely and that the LNP still harbour the desire to control our money by introducing the ‘cashless debit card’ treating us like we are all financially incompetent nitwits incapable of managing our money.

However, not withstanding the above just how euphoric should one get?

The single person increase equates to about 4.5 cents per hour based on a 38 hour week and will buy about half a cup of coffee or slightly less.

As I understand it, this half yearly increase is meant to be in line with cost of living increases.

I wonder how this is calculated??

I mean, there are costs that have had a major impact before even considering daily food prices

Example: house and contents insurance on my place increased by $450 for the year despite no claims, not in flood prone area and ‘shopping around’

Council rates increased by about $200 per year in round figures, health insurance went up about $3 per week or $150 per annum.

Now, one does not have to be a genius to work out that even with just those three items, the $2.30 per week increase falls far short of these increases.

Perhaps I should do away with health insurance and houses and contents insurance??

Or, perhaps a proper livable pension could be paid so that when indexed it actually more closely reflects the cost of living increases?

Yes, I’m lucky because I own most of my house; about 90% of it, even a bit more but things must be even more challenging for those who don’t own a home.

I know people will race to defend the increase but, I’m sorry, I think it’s a paltry amount based on a miserly basis.

Should I be grateful anyway?

Perhaps. I was in the paid workforce for 52 years, never unemployed, paid taxes every year and hopefully, contributed positively to the community.

Is the expectation of a decent pension in old age unreasonable?

Not all of us were able to save and access a million dollar Super.

I don’t have the skill set to determine what is reasonable but the current rates don’t ‘feel’ anywhere near fair.

I note that many aged pensioners are having considerable trouble balancing the budget when unplanned contingencies arise such as serious dental work.

Why do people keep mentioning a cup of coffee, my cup of coffee costs 69cents , I know I can't go to a cafe- coffee shop, so I have a machine that cost me $79.00 three years ago now paying $6.00 for 16 cups. Just a suggestion.

 

[Hieme]

What is wrong with this Government? So they say medications will be cheaper. I have Sero-Negative Polyarthritis and have had four Heart Attacks. I take 16 tablets a day. For 15 of my medications they are on average 20 cents cheaper. Thats a saving of $3.00. One however, has been taken off the PBS and now costs me $38.00. So my medications have only GONE UP by $35.00 a month. On a Disability Support Pension that $35.00 extra cost is a lot of money. What has happened to this Country?

 

[mylittletibbies]

So Amanda Rishworth thinks $4.60 will help pensioners to meet the rising cost of inflation.
As at July 2024 the base salary for a politician was $205,798/year. That's before all the extra lurks and perks.
So she sits on around $8,000/ft and expects pensioners to be grateful for $4.60.
Just how out of touch with reality are our politicians.

 

[BillyB]

An unnecessary comment. Obviously you are not struggling like many other people. I am fortunate to have additional income, but that doesn't mean I don't understand the pain of those who don't and the absolute insult of this latest rise that nowhere near covers the continual cost rises people have to bear.
For instance, my car insurance alone just increased by $550/year, a $10/week increase. Obviously I insured elsewhere. House insurance. electricity, gas, groceries etc. The list is endless and pensioners continually fall further and further behind. How those paying rent manage I don't know.
I don't know why you found it necessary to make such a comment.
By the way it's "whingers" not "wingers".
I don't think too many pensioners can afford to wing it anywhere these days.

Do you know what a winger is? If I meant whingers that would probably include you .

 

[mylittletibbies]

Do you know what a winger is? If I mea.

.

nt whingers that would probably include you .

According to the dictionary a winger is a player to the left or right field in a football. Soccer game, etc.

A whinger is a person who complains continuously.

So you're telling me you think the people who were complaining are wingers, get real!!.

Do you know what a w**ker is?

 

[Jeffroo]

Absolutely a joke.

 

[BillyB]

.

According to the dictionary a winger is a player to the left or right field in a football. Soccer game, etc.

A whinger is a person who complains continuously.

So you're telling me you think the people who were complaining are wingers, get real!!.

Do you know what a w**ker is?

Yes and I was a hard worker that`s why I don`t rely on the government to help me all the time.

 

[mylittletibbies]

Yes and I was a hard worker that`s why I don`t rely on the government to help me all the time.

And neither do I, but not everybody has the same advantages in life or the same opportunities.
Everybody's life journey is different s
and a little empathy doesn't hurts you.