Age Pension Rates 2024 – Eligibility, Tests And More

Age pension rates

Each year, the Commonwealth Government reviews the fortnightly pension rates.

See the current maximum fortnightly pension rates below:

IMPORTANT: For most people, the Age Pension alone is not enough to fund their retirement goals. This is why a healthy superannuation balance is so critical.

Other concessions and entitlements

Seniors' Card

Each Australian state and territory offers a Seniors Card scheme for residents over 60 years of age. Not only does the card provide discounts on public transport and for many Government services, but a host of businesses and retail outlets also offer valuable discounts to Seniors Card holders. Best of all, it’s free and not subject to income or assets tests.

Rent assistance

Low-income earners and those on a Government pension who are renting, may be eligible for Centrelink’s rent assistance.

Seniors Health Card

The Commonwealth Government health card can assist with the cost of prescription medicines and other health services if you are of Pension age but do not qualify for a Government Pension. This card is subject to the income test.

Pensioner Concession Card

If you’re on a Government Pension, the concession card enables you to buy prescription medicines at a reduced cost, and also access healthcare concessions and other discounts offered by state and territory governments and local councils.

How much pension will I get?

Be sure to check the pension eligibility requirements, they have changed several times over the years. Consider combining the pension with your super to maximise your income in retirement. This combined approach can help make modest amounts of super last much longer than you might think.

Try the Age Pension Calculator

How it works

The Age Pension is a Government allowance paid to eligible Australians who have reached retirement age. It is managed by Centrelink, a division of the Commonwealth Government’s Department of Human Services, and is commonly referred to as the old age pension.

The Age Pension is income and assets tested, which means the amount you are entitled to receive will depend on any other income you receive (from super, investments and paid work) and on the assets you own.

Do I qualify?

To receive the Age Pension, you must first satisfy the following eligibility requirements:

Age

The qualifying age for the Pension is currently 67 and has been gradually increasing as shown in the table below.

The current qualifying ages are:

If you were born between	you qualify for Age Pension at age
1 July 1952 to 31 December 1953	65 years and 6 months
1 January 1954 to 30 June 1955	66 years
1 July 1955 to 31 December 1956	66 years and 6 months
From 1 January 1957	67 years

Residency

You must generally:

Be an Australian resident and be in Australia on the day you apply for an Age Pension
and
Have lived in Australia for over 10 years

There are some special exceptions for refugees, widows and former residents of countries that Australia has special social security agreements with.

Assets and income tests

The Australian age pension is subject to income and assets tests. This means that when the government is working out if a retiree is eligible for the age pension, it will take into account the retiree’s income from work, investments, super etc, and the total value of their assets.

Both the income test and the assets test will be used. If a pensioner goes above the income or assets threshold, their pension payment will be reduced.

And if I qualify?

If you pass the residency and age criteria, then Centrelink will work out how much Age Pension you are eligible to receive, depending on your income and assets and other circumstances.

When will the old age pension stop in Australia?

There are no plans to end the age pension. Occasionally, fake news appears online or from untrustworthy sources claiming that the pension will be stopped, but this is incorrect. Always ensure that information you read or hear about pensions, superannuation and government policy comes from credible sources.

References
- Department of Social Services
- MyGov

Age pension