As of March 2025, around five million Australians receiving Centrelink payments, including the Age Pension, are set for an increase in their incomes. This adjustment is part of the government’s effort to help retirees cope with the rising cost of living.
Current Age Pension Rates
From 20 September 2024 to 19 March 2025, the maximum Age Pension rates are:
- Single pensioners receive $1,144.40 per fortnight, which amounts to approximately $29,754 annually.
- Couples each receive $862.60 per fortnight or $1,725.20 combined, totaling around $44,855 annually.
These amounts include the basic pension, the pension supplement, and the energy supplement. The next adjustment is due on 20 March 2025, with further increases expected to reflect inflation and wage changes.
Who Is Eligible for the Age Pension?
To qualify for the Age Pension, you must meet several criteria.
The minimum qualifying age is 67 years as of 1 July 2023. Residency requirements demand that applicants have lived in Australia for at least 10 years, with at least five years being continuous.
The means test determines eligibility based on income and assets. If your income exceeds a certain threshold, your pension payment will be reduced. Similarly, assets (excluding your primary home) impact how much pension you receive. Since assessments are ongoing, any changes in financial circumstances could affect your payments.
Expected Changes and Adjustments in 2025
The Australian government adjusts Age Pension rates every March and September to keep up with the cost of living. The increase is based on economic indicators such as the Consumer Price Index (CPI) and the Pensioner and Beneficiary Living Cost Index (PBLCI). Although the exact figures for the March 2025 increase are yet to be determined, further adjustments are expected to help retirees manage inflation.
Additional Support for Pensioners
Besides the Age Pension, retirees may also be eligible for benefits such as the Commonwealth Seniors Health Card, which provides discounts on prescriptions and medical services, and the Pensioner Concession Card, which offers savings on utilities, transport, and other services.
To ensure you receive the correct entitlements, it’s important to stay informed about updates from Services Australia or consult a financial advisor for personalized guidance.