Centrelink have now announced the changes to Age Pension income and asset thresholds plus payment rates. For senior Australians receiving the full Age Pension this translates to an additional $7 per fortnight for singles and $10 per fortnight for couples combined.

Specifically…

The rates for a full Age Pension for Australian residents for the period 20 March 2020 to 19 September 2020 are listed below:

• Single: $944.30 per fortnight (approximately $24,554 per year) – an increase of $10.90 per fortnight

• Couple (each): $711.80 per fortnight (approximately $18,507 per year) – an increase of $8.30 per fortnight

• Couple (combined): $1,423.60 per fortnight (approximately $37,014 per year) – an increase of $16.60 per fortnight

• Couples separated due to illness each receive the Single rate (see above), which combined is $1,888.80 (approximately $49,109 per year) – an increase of $21.80 per fortnight