Age Pension
Age Pension is the main Australian government retirement income support payment. It is paid fortnightly by Services Australia to eligible Australians of retirement age.
To qualify you must be 67 or older, an Australian resident who has lived in Australia for at least 10 years, and pass both an income test and an assets test. Your rate depends on your relationship status, whether you own your home, and the level of your income and assets.
Current rates by situation
Single
Couple
The two tests that determine your rate
Assets test
The assets test is the most common reason Age Pension recipients receive a part-rate — or no payment at all. Assets include savings, shares, investment properties, vehicles, and most personal property. Your primary home is exempt.
| Situation | Full pension up to | Pension stops at |
|---|---|---|
| Single — homeowner | $321,500 | $714,500 |
| Single — non-homeowner | $579,500 | $972,500 |
| Couple — homeowner | $481,500 | $1,074,000 |
| Couple — non-homeowner | $739,500 | $1,332,000 |
Income test
You can receive some income before your pension reduces. Above the free area, the pension reduces by 50 cents for every dollar earned. Note that Centrelink also deems income on your financial assets — savings, shares, and term deposits are assumed to earn a set rate regardless of what they actually earn.
| Income free area — single | $218.00/fn |
| Income free area — couple combined | $380.00/fn |
| Taper rate above free area | 50¢ per $1 |
Couple separated due to illness
This rate applies when a couple lives apart permanently due to a medical condition — most commonly when one partner enters residential aged care. Each partner is assessed at the couple rate (not the higher single rate) but with significantly higher assets test thresholds than standard couples: homeowners up to $1,267,500, non-homeowners up to $1,525,500.
Source: DSS A Guide to Australian Government Payments, verified February 2026.