The Age Pension is an important source of retirement income for many Australians. Age Pension rates and thresholds are generally updated twice a year. This page will help you stay up to date with the latest changes and what they may mean for you.
At a glance
To qualify, you generally need to:
Be aged 67 or older;
Meet the residence rules, including rules about Australian residence and the time you have lived in Australia
Age Pension rates can vary for singles and couples. If you’re eligible, you may also receive a Pension Supplement and Energy Supplement, with the amount depending on your circumstances.
Payment component
Single
Couple (each)
Couple (combined)
Maximum basic rate
$1,135.40
$855.90
$1,711.80
Maximum pension supplement
$88.20
$66.50
$133.00
Energy supplement
$14.10
$10.60
$21.20
Maximum total rate
$1,237.70
$933.00
$1,866.00
Age Pension rates are generally indexed on 20 March and 20 September. Your eligibility may vary depending on your circumstances and the income and assets tests.
How the income and assets tests work
Services Australia assesses your income and assets separately, and your Age Pension is based on the test that results in the lower payment.
Assets test
The asset types that Centrelink will assess to determine your Age Pension eligibility include:
Full pension limits: if your assessable assets are above this amount, your Age Pension may reduce.
Part pension cut-off points: if your assessable assets are above this amount, you may not receive the Age Pension under the assets test.
Full pension asset limits
Part pension asset cut-off points
Your situation
Homeowner
Non-homeowner
Single
$745,750
$1,012,750
Couple living together (combined)
$1,121,000
$1,388,000
Couple separated due to illness (combined)
$1,324,500
$1,591,500
Income test
The types of income that Centrelink will assess to determine your Age Pension eligibility include:
Employment income if you’re still working;
Income from a sole trader or partnership business;
Deemed income from financial investments, such as bank accounts, shares and managed funds;
Net rental income from investment properties; and
Deemed income from super, account-based pensions, annuities or income streams.
Some types of income, including your pension payments, are excluded from the income test. This also includes rent assistance and various payments from the government.
Your limit may be higher if you get rent assistance or the Work Bonus, or lower if you don’t live in Australia.
Income limits are generally updated in March, July and September each year. You can find more information on income limits on the Services Australia website.
The income limits shown in the table below represent the amounts of assessable income you may receive before your Age Pension payments start reducing, and the amounts at which they generally cut off all together.
Your situation
Full pension income limit (fortnightly)
Part pension income limit (fortnightly)
Single
$226.00
$2,701.40
Couple living together (combined)
$396.00
$4,128.00
Couple living apart due to ill health (combined)
$396.00
$5,346.80
How deeming applies under the income test
Deeming is the method Centrelink uses to calculate how much income you make from your financial investments (like bank accounts, shares and managed funds) when you apply for the Age Pension.
Instead of looking at how much your assets actually earn (e.g. investment returns or interest), a ‘deeming rate’ is applied to estimate their income. This is done to make it simpler to work out if you're eligible for the Age Pension and how much you should receive.
Deeming rates and thresholds from 20 September 2026
Your situation
Full pension income limit (fortnightly)
Part pension income limit (fortnightly)
Single
1.75% on the first $66,800
3.75% on financial assets above $66,800
Couple where at least one partner receives a pension
1.75% on the first $110,600 combined
3.75% on combined financial assets above $110,600
Example: calculating deemed income
Calculation
Annual deemed income
1.75% on the first $110,600
$1,935.50
3.75% on the remaining $314,400
$11,790.00
Total deemed income
$13,725.50 a year (about $528 a fortnight)
This deemed income is added to their other assessable income and used in the income test. Their Age Pension entitlement is then determined by Centrelink based on the asset and income test, which results in the lowest Age Pension payable.
This article provides general information only and does not take into account your objectives, financial situation or needs. Age Pension rules and rates can change, and special rules may apply to your circumstances. Not sure if you’re eligible for the Age Pension? Retirement Essentials has a free eligibility calculator you can use.1 It only takes a few minutes or check the latest information with Services Australia.
1.Retirement Essentials Pty Ltd, ABN 35 615 383 232, AFSL 468859 (Retirement Essentials) is a third-party service provider. Rest has no control over and is not responsible for the services, views or actions of Retirement Essentials. Rest does not receive any payments or commissions from Retirement Essentials as a result of you using their services. You should use your own judgement before taking up any service offered by Retirement Essentials and ensure that you understand the terms and conditions which will apply to them. Rest does not accept liability for any loss or damage incurred by any person as a result of using Retirement Essentials’ services.
WATCH:See how the government age pension and super work together through retirement
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