July 2023 Age Pension changes

The Age Pension thresholds will change on 1 July this year. Whilst the changes won’t go live until 1 July, the rates for each category of Age Pension entitlement has been released. This gives you time to consider what this means for you, depending upon the type of benefit you may receive, or hope to.

There’s another major change which will occur on 1 July. We previously reported that deeming rates are frozen until 1 July 2024. This remains true. But the deeming thresholds will be increased, benefiting all those whose assets are deemed to earn income by Centrelink. 

Full Age Pension income threshold increases by:

  • Singles threshold $204 per fortnight, increase is $14 per fortnight, $364 per annum 
  • Couples threshold $360 per fortnight, increase is $24 per fortnight, $624 per annum

(for those who receive a pension, a Work Bonus Credit of $11,800 can be added to these amounts until 31 December 2023)

Upper (Disqualifying) income threshold increases by:

  • Singles threshold $2332, increase is $14 per fortnight, $364 per annum
  • Couples combined threshold $3568, increase is $24 per fortnight, $624 per annum

Full Age Pension assets threshold increases by:

  • Single homeowners threshold $301,750, increase is $21,750
  • Single non-homeowners threshold $543,750, increase is $39,250
  • Couple homeowners combined threshold $451,500, increase is $32,500
  • Couple non-homeowners combined threshold $693,500, increase is $50,000

Upper (Disqualifying) asset threshold increases by:

  • Single homeowners threshold $656,500, increase is $21,750
  • Single non-homeowners threshold $898,500, increase is $39,250
  • Couple homeowners combined threshold $986,500, increase is $32,500
  • Couple non-homeowners combined threshold $1,228,500, increase is $50,000

The increase in the lower thresholds means more people will qualify for a full Age Pension than was previously the case and part pensioners could get slightly more as the taper rate kicks in later.  The increase in the upper threshold means some people previously ineligible will now qualify. 

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