These rates apply from 20 September 2026 and include the Pension Supplement and Energy Supplement. Most retirees receive less than the full rate because of the assets or income test.
| From 20 September 2026 | Per fortnight | Per year (approx.) |
|---|---|---|
| Single | $1,237.70 | $32,180 |
| Couple, each | $933.00 | $24,258 |
| Couple, combined | $1,866.00 | $48,516 |
The assets test
Your home is not counted. Super (from Age Pension age), savings, investments, investment property, cars, caravans and home contents are.
| Situation | Full pension up to | Part pension stops at |
|---|---|---|
| Single, homeowner | $333,000 | $745,750 |
| Couple, homeowners (combined) | $499,000 | $1,121,000 |
| Single, non-homeowner | $600,000 | $1,012,750 |
| Couple, non-homeowners (combined) | $766,000 | $1,388,000 |
Above the full pension limit, your pension reduces by $3 a fortnight for every $1,000 of extra assets. That is $78 a year per $1,000, which is why reducing assessable assets can be worth more than the return those assets earn.
The income test
Centrelink deems your financial assets to earn 1.75% on the first $66,800 for singles ($110,600 combined for couples) and 3.75% above that. A single person can receive up to $226 a fortnight of income before the pension reduces ($396 combined for couples), then it reduces by 50 cents per extra dollar for singles, or 25 cents each for couples.
Example
Peter is 67, single and owns his home. He has $433,000 in Super and other assets, $100,000 over the full pension limit. His pension reduces by $300 a fortnight, to $937.70.
Where people get caught out
- Over-valuing home contents and cars. They count at what they would sell for, not replacement cost.
- Not updating Centrelink when markets fall, so the pension doesn't increase when it could.
- Missing legitimate strategies such as renovating, prepaying a funeral or using an age gap.
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