Australia Age Pension Increase August 2024, Payout amount, dates, latest updates and much more

Published on: September 11, 2024

Australia Age Pension Increase August 2024 : Good news is coming for the senior citizens in Australia who are getting monthly pensions from the Service Australia portal. The Australian government is planning to increase the monthly pension for senior citizens from August 2024. However, there is no official announcement made by the government yet. The Australian government gave a monthly pension to all the senior citizens of the country who are more than 65 years old and hold citizenship in the country.

Senior citizens can use this pension for medical treatment, paying bills, and other home expenses. As the cost of living and inflation is increasing and the current pension rate is not capable of providing essential facilities to the pensioners, the government is planning to expand the pension amount in the country.

It is being anticipated that Australia government is planning to increase senior citizen pension from august but no official statement has made till now.

Australia Age Pension Increase August 2024: Overview Table

Aspects	Details
Name of the program	Australia aged pension increase 2024
Department name	Service Australia
Country name	Australia
Benefit name	Age pension
Beneficiaries	Australian senior citizens
Purpose of the program	To provide financial support
Category	Finance
Official website	www.serviceaustralia.gov.au

Rumors about a 1.6% pension hike in Australia

There will be a small increase in pensioner’s payments according to some sources. This is to help pensioners keep up with the higher living costs. As of August, the age pensions had been raised by $ 32.70 for singles and $24.70 for couples.

The exact received amount varies according to various factors such as tax rates, age, income, inflation, and high living costs. But there is no official announcement available regarding this. To get the right information, visit the official website of Service Australia.

New pension age in Australia for August 2024

One needs to be 65 years or above that.
One should show proof of living in Australia for at least 10 years. Also, your household income should fall below the federal poverty level.
One needs to have paid taxes to the Australian government each year.

Tentative Australia age pension increase rates 2024

The Australian age pension increase rate 2024 will be given to qualified pensioners. Check out the below-written rates here:

The combined couple receives the maximum amount of $1,511.40 which is increased to $1,653.40 by adding an energy supplement of $21.20 and a pension supplement of $120.80.

The beneficiary will receive a maximum basic rate of $1002.50 with an energy supplement of $14.10 and a pension supplement of $80.10.
A couple receives a maximum amount of $77.70, an energy supplement of $10.60, and a pension supplement of $60.40 with a delivery amount of $826.70.

How to apply for a pension claim if necessary?

However, there is no need to apply for a pension increase as it will be automatically received in accounts for those who qualify. Still, check out the below-written steps for more information.

First, open your account on myGov and also make sure your Centrelink online account is connected to it.
Specify if you are a couple or an individual.
Upload all the required documents like identity cards, birth certificates, income proof, residency proof, job descriptions, marriage certificates, and so on. Make sure you are eligible for the pension increase before applying.
You can also check any information on how to apply or reapply to receive the accurate benefit.