2023/24 Centrelink Age Pension Rates & Deeming Rates 2024: Key Thresholds and Updates

The income free area (the amount of income which an age pension recipient can receive per fortnight before the income reduces the age pension entitlement) has been increased:

Single age pension: $204 (previously $190)
Pensioner couple: $360 (previously $336)

The deeming threshold (the dollar amount at which the lower deeming rate of 0.25% ceases to apply and the higher deeming rate of 2.25% applies) is:

Single age pension: $60,400 (previously $56,400)
Pensioner couple: $100,200 (previously $93,600)

There has been no change to the deeming rates of 0.25% or 2.25%. These rates will continue to apply to the 2023/24 financial year. On 1 July 2022, the Commonwealth Government announced that the deeming rates for 2022/23 and 2023/24 would be “frozen”. Consequently, any change in the deeming rates will only apply from 1 July 2024 (which given current interest rate levels) will most likely be increased.

The assets free area for maximum age pension payment (the amount of counted assets which an age pension recipient can have before the assets reduce the age pension entitlement) has been increased as follows:

Homeowners

Single pensioner: $301,750 (previously $280,000)
Pensioner couple: $451,500 (previously $419,000)

Non- Homeowners

Single pensioner: $543,750 (previously $504,500)
Pensioner couple: $693,500 (previously $643,500)

The article does not apply to transitional age pension entitlements (ie an age pension entitlement which arose before 20 September 2009.

_{NOTE:  This article was prepared as at June 2023.  The article has not been updated in light of subsequent developments}