The Australia Age Pension provides vital financial support to retirees. As of mid‑2025, couples can receive up to $1,732.20 per fortnight, helping cover living costs.
To secure this pension, applicants must satisfy criteria involving age, residency, income & asset tests, and follow the application process. Read on for all the latest details!
Pension Amounts (Fortnightly)
| Pension Type | Single | Couple (each) | Couple (combined) |
|---|---|---|---|
| Basic pension | $1,051.30 | $792.50 | $1,585.00 |
| Pension supplement | $83.60 | $63.00 | $126.00 |
| Energy supplement | $14.10 | $10.60 | $21.20 |
| Total payment | $1,149.00 | $866.10 | $1,732.20 |
- Transitional rate applies only to those receiving part‑pension pre‑Sept 2009.
Eligibility Criteria
A. Age & Residency
- Must be at least 67 years old.
- Must be an Australian citizen or permanent resident with 10 years’ residence (including 5 continuous years).
B. Income Test
- For singles: full pension if income ≤ $212/fortnight from all assessable sources; reduced by 50 ¢ per $1 over that .
- Couple combined: full pension if income ≤ $372/fortnight; reduced by 25 ¢ per $1 over.
- Work Bonus: earn up to $300/fortnight without affecting your pension.
Income cut‑offs (no pension beyond):
- Single: $2,510/fortnight; couple together: $3,836.40; separated due to illness: $4,968.
C. Asset Test
- Full pension asset limits (as of March 20, 2025, reviewed thrice a year):
- Single homeowner: $314,000 | Non‑homeowner: $566,000
- Couple combined homeowner: $470,000 | Non‑homeowner: $722,000
- Part pension cut‑offs:
- Single: homeowner $697,000 / non‑homeowner $949,000
- Couple combined: homeowner $1,047,500 / non‑homeowner $1,299,500 .
- Home is exempt, while other property, savings, investments, vehicles, etc., count.
- Pension is reduced by $3 per fortnight for each $1,000 above the lower threshold .
How Much You’ll Actually Get
Your actual pension amount depends on which test (income vs assets) reduces your payment more . The latest full rates are:
- Single: $1,149/fortnight
- Couple combined: $1,732.20/fortnight
Transitional rates only apply for legacy pensioners.
How to Apply
- Collect docs: ID, age proof, income and assets statements, residency evidence.
- Apply online via myGov linked with Centrelink.
- Fill claim: report income, assets, living arrangements.
- Submit & track progress on your account.
- Receive decision: Centrelink will notify approved status and payment start date.
- Alternatives: Apply via post or visit a Service Centre if needed.
2025 Updates & Smart Tips
- Indexed thresholds: asset and income limits adjust each 20 March, 1 July, and 20 September .
- Deeming rates freeze until June 2025: 0.25% up to $62,600 (single) / $103,800 (couple), then 2.25% beyon.
- Asset exemptions: proceeds from home sale reinvested in a new home are exempt for 24‑36 months; funeral bonds up to $15,500 exempt.
- Legacy pension reforms: older indexed pension schemes can now be exited.
FAQs
Can I still work and receive the full pension?
Yes. Under the Work Bonus, you can earn up to $300/fortnight from employment before any reduction applies.
Is my home included in the asset test?
No. Your principal residence is exempt, but investment properties and other assets count.
How often are pension rates and tests updated?
Rates and lower thresholds change 1 July; upper (cut-off) limits adjust on 20 March & 20 September each year
