Age Pension Rates 2026 Australia: How Much Will You Get? (+ Free Calculator)
The Age Pension rate from 20 March 2026 is $1,200.90 per fortnight for singles and $905.20 each for couples. See income test, asset test, deeming rates, and Work Bonus explained with a free calculator.
Age Pension rates from 20 March 2026
The Age Pension increased on 20 March 2026 as part of the regular twice-yearly indexation. The maximum rate for a single person is now $1,200.90 per fortnight ($31,223.40 per year). For couples, each person receives up to $905.20 per fortnight ($23,535.20 per year each, or $47,070.40 combined). These amounts include the base rate, Pension Supplement, and Energy Supplement. The base rate for singles is $1,079.70 per fortnight, with a Pension Supplement of $84.90 and Energy Supplement of $14.10. For each member of a couple, the base rate is $813.90, Pension Supplement is $64.00, and Energy Supplement is $10.60. The next indexation is on 20 September 2026.
Income test: how much can you earn?
The income test determines whether you receive the full or a part pension. Single pensioners can earn up to $218 per fortnight ($5,668 per year) in assessable income before the pension starts reducing. For couples, the combined income free area is $380 per fortnight ($9,880 per year). Above the free area, the pension reduces by 50 cents for every dollar of income. This means a single person's pension cuts out completely when their assessable income exceeds approximately $2,619.80 per fortnight. Income includes employment income (after Work Bonus), deemed income from financial assets, rental income, and any other income. Some types of income are exempt, including the pension itself, Rent Assistance, and most government supplements.
Asset test: thresholds and cut-offs for 2026
The asset test looks at the total value of your assets (excluding your home if you're a homeowner). For a single homeowner, the full pension threshold is $321,500 and the cut-off (where pension stops entirely) is $714,500. For a single non-homeowner, these are $579,500 and $972,500 respectively. For a couple who own their home, the full pension threshold is $470,000 and the cut-off is $1,075,500. Non-homeowner couples have thresholds of $728,000 and $1,333,500. Above the full pension threshold, the pension reduces by $3 per fortnight for every $1,000 of assets. Assets include superannuation, investments, bank accounts, vehicles, boats, investment properties, and personal property (but not your home, or home contents up to a reasonable level).
Deeming rules: how financial assets are assessed
Services Australia uses 'deeming' to calculate income from your financial assets, regardless of what they actually earn. The deeming rate is 1.25% per year on the first $64,200 for singles ($106,600 for couples) and 3.25% per year on the amount above that threshold. For example, a single pensioner with $200,000 in financial assets would have deemed income of: 1.25% × $64,200 = $802.50 plus 3.25% × $135,800 = $4,413.50, totalling $5,216 per year or $200.62 per fortnight. Financial assets include bank accounts, superannuation (if you're of Age Pension age), term deposits, shares, managed funds, and any loans you have made to other people. Your home and personal items are not financial assets.
Work Bonus: earning more without losing pension
The Work Bonus allows Age Pension recipients to earn up to $300 per fortnight from employment before it counts in the income test. This is on top of the $218 income free area, meaning a working single pensioner can effectively earn $518 per fortnight before their pension is reduced. Any unused Work Bonus accumulates in a Work Bonus balance, up to a maximum of $11,800. This balance can be used to offset higher-earning fortnights. The Work Bonus only applies to employment income (wages, salary, self-employment) — it does not apply to investment income, rental income, or superannuation income streams. Both members of a couple each get their own Work Bonus. If you've recently started receiving the Age Pension, your Work Bonus balance starts at $0 and builds up from unused fortnightly amounts.
How the two tests interact (you get the lower amount)
Your Age Pension is calculated under both the income test and the asset test, and you receive whichever amount is LOWER. For example, if the income test says you're entitled to $1,000 per fortnight but the asset test says $800, you receive $800. This means even if your income is very low, high assets can reduce or eliminate your pension, and vice versa. Many retirees are surprised to find that even though they pass the income test easily, their superannuation balance or investment property pushes them over the asset test. If either test reduces your pension to zero, you receive nothing. The only way to get the full pension is to be within both the income AND asset test full pension thresholds.
How to apply and when to check your rate
You can apply for the Age Pension online through your myGov account linked to Centrelink, by phone on 132 300, or in person at a Services Australia service centre. You should apply up to 13 weeks before you reach Age Pension age (currently 67 for everyone born after 1 January 1957). To qualify, you must be an Australian resident and have lived in Australia for at least 10 years (with some exceptions for people from countries with Social Security Agreements). If you're already receiving the pension, your rate is automatically adjusted at each indexation (20 March and 20 September). However, you must report any changes to your income, assets, or living arrangements within 14 days. Use our free Age Pension calculator to estimate your entitlement based on your current circumstances.
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Official resources
General information and estimates only — not legal, financial, or tax advice. Always verify with the Fair Work Ombudsman (13 13 94) or a qualified professional.
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