From July 1, millions of Australians on the Centrelink age pension will benefit from changes to income and asset test thresholds. While the base pension rate is not increasing, the updated thresholds mean more retirees could qualify for payments, and those already receiving support may see their payments rise. To access the age pension, you must be 67 years or older and pass both an income and asset test.
The income test changes will allow singles to earn up to $218 per fortnight (up from $212) and still receive the full pension. Any amount over this limit reduces the pension by 50 cents for each dollar until payments stop at $2,516 per fortnight. Couples can earn up to $380 per fortnight (up from $372) and still receive the full rate.
Payments phase out completely at a new limit of $3,844.40 per fortnight for couples. These updates, though seemingly small, can make a real difference for many retirees, especially with the increasing cost of living.
changes to age pension eligibility
Asset test thresholds will also rise by 2.4%. This adjustment will help Australians with modest assets maintain or gain access to age pension payments, particularly as property values and savings fluctuate. Receiving age pension payments also entitles you to a Pensioner Concession Card.
This card offers significant cost-saving benefits, including cheaper prescription medicines, bulk-billed GP visits under Medicare, and discounts on utility bills, public transport, and council rates depending on your state or territory. Over 2.6 million Australians currently receive the age pension, with many more nearing eligibility. As inflation continues to put pressure on household budgets, ensuring that Centrelink payments remain accessible and fair is critical.
If you or your loved ones are approaching retirement age, now is the time to review your eligibility for Centrelink payments. With the new changes taking effect from July 1, even a small change in your income or assets could mean access to thousands of dollars in government support. Visit the official website or speak with a financial advisor to see if you qualify for these updated Centrelink age pension payments.
