September 2023 Age Pension payment rates revealed
Millions of age pensioners will soon breathe a little easier after Services Australia today revealed the 20 September Age Pension payment rates.
The three official indicators that determine the rate of any increase: the Consumer Price Index (CPI), the Pensioner and Beneficiary Living Cost Increase (PBLCI) and the Male Total Average Weekly Earnings (MTAWE).
The PBLCI for the six months leading up to June is sitting at 3.25 per cent. The June CPI increase was 2.2 per cent. That means the new pension payments are based on the PBLCI.
Government payments are indexed in March and September to keep pace with rising cost-of-living. In total, about 4.7 million Australians will receive increased payments when the indexation takes effect on 20 September.
The single rate of the Age Pension, with supplements, will increase by $32.70 per fortnight – from $1064 to $1096.70. The rate for each member of a couple, with supplements, will increase by $24.70 per fortnight – from $802 to $826.70.
The Age Pension disqualifying limits have also increased.
For a single, the limit has lifted from $2332 per fortnight to $2397.40 – an increase of $65.40. The new limit for couples combined is $3666.80 – an increase of $98.40. For illness-separated couples, the new limit is $4746.80 – an increase of $130.80.
Increases to the JobSeeker rate and Commonwealth Rent Assistance have already been locked in and will also take effect from 20 September.
The Australian Institute of Health and Welfare (AIHW) estimates that one in 83 Australians aged 65 and over receive a JobSeeker payment. So, around 30,300 older Aussies will receive a boost to their income.
Australians receiving Commonwealth Rent Assistance – a payment widely criticised as being no longer fit for purpose given huge rent rises across the country – will increase by $27.60 per fortnight for singles – from $157.20 to $184.80.
Each member of a couple will receive an extra $26 per fortnight with the allowance rising from $148 per fortnight to $174.
