In 2024, several changes have been introduced to Centrelink pensions, focusing on improving financial security for retirees. These updates include increases in payment rates, modifications to income and asset thresholds, and adjustments to deeming rules, providing enhanced support to pensioners.
Payment Rate Increases
From September 20, 2024, pension payment rates have increased for various categories, including the Age Pension, Disability Support Pension, and Carer Payment. Single pensioners now receive $1,144.40 per fortnight, a $28.10 increase.
Couples benefit from a combined total of $1,725.20 per fortnight, reflecting a $42.40 increment. These changes aim to help retirees manage rising living costs.
Income and Asset Threshold Adjustments
Income and asset thresholds have been revised, enabling more individuals to qualify for pensions or receive higher payments.
For single homeowners, the asset limit has increased to $695,500, while for couples, it is now $1,045,500. These adjustments reflect efforts to provide financial relief to pensioners and address inflationary pressures.
Deeming Rate Updates
Deeming rates, used to calculate income from financial investments, remain frozen until June 30, 2025.
However, deeming thresholds have been indexed, providing additional benefits to those with assets assessed under these rates. This change ensures that retirees with investment income are not unfairly impacted.
| Recipient Type | Previous Rate (per fortnight) | New Rate (per fortnight) | Income Threshold | Asset Threshold |
|---|---|---|---|---|
| Single | $1,116.30 | $1,144.40 | $2,444.60 | $695,500 |
| Couple | $1,682.80 | $1,725.20 | $3,737.60 | $1,045,500 |
| Single Homeowner | N/A | N/A | N/A | $695,500 |
| Couple Homeowner | N/A | N/A | N/A | $1,045,500 |
These updates collectively aim to enhance the quality of life for retirees, ensuring financial stability and a more secure future.
What are the new pension rates for single and couple recipients?
Single recipients now receive $1,144.40 per fortnight, while couples receive a combined total of $1,725.20.
What are the updated asset thresholds for pension eligibility?
The asset threshold for single homeowners is $695,500, and for couples, it is $1,045,500.
How have deeming rates been adjusted in 2024?
Deeming rates are frozen until June 30, 2025, while thresholds have been indexed to provide additional benefits.
