Using the 6.9% annual CPI, less 4% already used as an adjustment in September 2022, will result in a further increase of 2.9%. Applying a 2.9% increase to the base rate of the Age Pension would mean an extra $27.17 per fortnight for a single person and $20.48 for each member of a couple.
As a temporary measure introduced in September 2022, age pensioners will be able to earn an extra $4000 this financial year. They can now earn a maximum income of $11,800 before penalties kick in. This measure is set to end 30 June 2023.
The payment rates for Age Pension, Carer Payment and Disability Support Pension are increasing from 20 March 2023. Age Pension, Carer Payment and Disability Support Pension will increase by $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
The government will provide $3.7 million in 2023–24 to extend the measure to provide age and veteran pensioners a once-off credit of $4,000 to their Work Bonus income bank and temporarily increase the maximum income bank until 31 December 2023.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
This payment is for those who start studying at any point in the year immediately after completing year 12 or equivalent. If you're eligible, you can only claim the Tertiary Access Payment from January 1 to December 31 in your first year of tertiary study.
Aussies who compare energy providers will receive a one-off $250 payment, as part of a new NSW election promise. NSW households will receive a $250 cost-of-living payment for comparing energy providers, if the Coalition is re-elected in March.
A one-off $250 Cost of Living Payment will be paid to eligible recipients from the end of April 2022.
This measure will increase the base rate of working age and student payments, including JobSeeker Payment*, Youth Allowance, Parenting Payment (Partnered), Austudy, ABSTUDY, Disability Support Pension (under 21 without a dependent child), Special Benefit and Farm Household Allowance by $40 per fortnight, in recognition ...
But after widespread speculation, it has now been confirmed that all JobSeeker recipients will see their payments go up by $40 per fortnight, as well as those on Youth Allowance, Austudy and other income support payments.
The Order is currently linked to the Consumer Prices Index (CPI) and is based on CPI as at the previous September. CPI at September 2022 was 10.1% which means that your pension will increase by 10.1% from 10 April 2023.
Latest Age Pension rates (from 20 September 2022)
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple.
From 1 July 2023, Age Pension age will be 67 years, if you were born on or after 1 January 1957.
You can get the Work Bonus if both of these apply to you. You: are Age Pension age and over. get Age Pension, Carer Payment or Disability Support Pension.
If you live in NSW, Queensland, South Australia or Tasmania, you can get $500 per eligible household. If you live in Victoria, you can get $250 per eligible household, plus a one off $250 direct payment through Victoria's 2023 Power Saving Bonus Payment.
The Cost of Living Payment is a $250 one-off payment to help with the cost of living. The Cost of Living Payment is not taxable, and you don't need to report it as income. You'll get it if you were residing in Australia on 29 March 2022, and: you were able to claim, or were getting an eligible payment.
Low-income taxpayers will generally continue to be exempt. Families (seniors and pensioners) will be increased from $51,401 to $53,406.
One off payment principles
Employees of NSW Health Agencies (including Ministry of Health) under NSW Awards are eligible. Visiting Medical Officers are eligible. Certain employees of third schedule organisations are eligible.
On 1 February 2022, the Federal Government announced aged care workers would be eligible to receive a bonus payment of up to $800.
Centrelink: Call 136 150
Advance Lump Sum $1000 – check how much your benefit would reduce each fortnight to see if you can manage it.
The Carer Supplement is an annual payment of $600 which is attached to each Carer Allowance. The Supplement is paid in July each year.
You can get up to $600 for each person you provide care for. You won't be eligible for Carer Supplement if you get Age Pension. But you will get Carer Supplement for each person you get Carer Allowance for.