Aged Pension Increases

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On September 20th, a number signifcant changes to the government aged pension came into effect.

The single pensioner rate will increase by $65 per fortnight. The pension for couples will also increase by $20.30 per fortnight combined.

The income test and ‘taper rate’ has also changed: the rate at which excess income affects the pension will change from 40 cents in the dollar to 50 cents in the dollar for singles. For couples, it will change from 20 cents each in the dollar to 25 cents each in the dollar.

The pension income test ‘free area’ is currently $142 a fortnight for singles and $248 for couples combined. Pensioners with private income below these amounts will not be affected by these changes.

For more government information on pensions go here.