Age Pension to rise by $28.10 a fortnight for singles and $42.40 for couples
To help offset the rising cost of living, the Age Pension will rise when the latest indexation takes effect on 20 September 2024.
The Age Pension, Carer Payment and Disability Pension increase in March and September each year, with the usual practice of applying the higher of the Pensioner and Beneficiary Living Cost Index and the Consumer Price Index (CPI).
The pension increase reflects the 2.6% increase in the PBLCI over the past six months, rather than the 2% increase in the CPI.
The new amounts are expected to be:
Single or couple separated due to ill health
Current maximum fortnightly payment: $1,116.30
Maximum rate from 20 September: $1,144.40
Increase: $28.10 a fortnight
Couple combined rate
Current maximum fortnightly payment: $1,682.80
Maximum rate from September: $1,725.20
Increase: $42.40 a fortnight
The complete list of payments increasing on 20 September 2024, including income and asset limits, can be found on the Department of Social Services website.