Age Pension 2024–25 is front and centre today—whether you’re planning for retirement or already couch-side counting on regular payments. This guide breaks it down clear as day for a ten-year-old, with sharp insights for pros. We’re talkin’ facts, figures, and steps you can act on—no fluff.
Age Pension 2024–25 Update
| Item | Single | Couple (each) | Couple (combined) | Effective Date |
|---|---|---|---|---|
| Fortnightly Rate | $1,149.00 | $866.10 | $1,732.20 | 20 Mar 2025 |
| Income-free Threshold | $218 | $380 (combined) | N/A | 1 Jul 2025 |
| Assets-free Threshold (full) | $321,500 (homeowner) | $481,500 (couple homeowner) | N/A | 1 Jul 2025 |
| Next Rate Round | Likely 20 Sep 2025 | Sep 2025 (CPI‑linked) |
The Age Pension 2024–25 update means more Australians could now be eligible for higher or continued payments, thanks to threshold increases and CPI adjustments. Whether you’re receiving $1,149 as a single or $1,732.20 as a couple, understanding the income and asset limits is key to maximizing your benefit. Watch out for the next change in September 2025, and stay on top of your eligibility by regularly checking with Centrelink.
Why It Matters
Adults rely on this chunk of change—it’s Australia’s highest-income-tested support, perfectly timed for your golden years. Every dollar counts in retirement budgets, medical bills, travel, and daily living.
What’s Changed
1. Rate Increase (from 20 March 2025)
- Singles now get $1,149 per fortnight.
- Couples receive $866.10 each, totalling $1,732.20 combined.
This includes the Max Basic Rate, Pension Supplement, and Energy Supplement. These numbers were bumped in line with March 2025 CPI increases.
2. Income & Assets Threshold Update (from 1 July 2025)
- Income-free threshold (for a full pension):
- Single: $218 per fortnight
- Couple: $380 per fortnight combined
- Assets test cut-off (full pension):
- Single homeowner: $321,500
- Couple homeowner: $481,500
These updated limits mean more people may qualify for the full pension or retain eligibility longer.
3. Deeming Rates Still Frozen
The deeming rates—how Centrelink calculates income from savings—remain unchanged until at least 30 June 2026:
- 0.25% for the lower threshold
- 2.25% above that
Practical Advice
1. Check Your Eligibility
If your income or assets were just over the old limits, the updated thresholds may now bring you back into eligibility. Use the Centrelink Payment Finder to check.
2. Time Your Application Smartly
If you were previously ineligible or receiving a reduced pension, re-check your status. If you’re borderline, waiting until after July 1 may help.
3. Plan for the September 2025 Adjustment
The next likely Age Pension increase is set for 20 September 2025, depending on CPI and wage growth. Watch for updates in late August or early September.
Step-by-Step Pension Guide
Step 1: Are You Age-Eligible?
You must be:
- At least 67 years old
- An Australian resident for 10 years, with at least 5 years continuously
Step 2: Income Test
Your income must be under:
- $218 per fortnight (single)
- $380 per fortnight combined (couples)
Each dollar above this reduces your pension by 50 cents.
Step 3: Assets Test
Assets (excluding your primary home) must be below:
- $321,500 for single homeowners
- $481,500 for couple homeowners
Part pension reduces $3 per fortnight for every $1,000 over the threshold.
Step 4: Centrelink Assessment
Centrelink pays based on whichever test—income or assets—gives you the lower result.
Step 5: Report Changes
Always update Centrelink within 14 days of major changes to your finances, assets, or living situation.
Real-Life Examples
Example 1: Married Couple
- Both aged 68
- Own home, $450,000 in assets
- No earned income
They’re under the couple homeowner threshold and qualify for the full pension of $1,732.20 per fortnight combined.
Example 2: Single Renter
- 70 years old
- $350,000 in assets
- Renting
Because the non-homeowner asset threshold is higher, they qualify for the full pension and may be eligible for Rent Assistance too.
FAQs
Q1. When is the next Age Pension increase?
A: Around 20 September 2025, subject to indexation by CPI and wage growth.
Q2. What is “deeming” in the pension system?
A: Deeming assumes your savings earn income—even if they don’t. Centrelink calculates your pension using that estimated income.
Q3. Does my home count in the assets test?
A: No. Your primary residence is exempt. Investment or holiday homes are counted.
Q4. Can I receive the pension overseas?
A: Yes, but rates and eligibility may change. Check Services Australia – Pension while overseas for details.
Q5. What is a transitional pension rate?
A: If your pension was reduced after policy changes in 2009, you may be on a protected transitional rate.
Pro Tips for Managing Your Pension
- Split assets smartly: Some assets reduce pension eligibility more than others.
- Maximize non-assessable assets like home improvements or funeral bonds.
- Check every March & September: These are the review periods for rate changes.
- Use MyGov for real-time updates and documents: It’s faster and easier than waiting on the phone.
