Age Pension Increase 2024 Australia Expected Modest Increase for Australian Age Pension in March 2024
The Australian Age Pension is expected to receive a modest increase in March 2024, as per recent data. Here’s a breakdown of the details:
Australian aged pension increase 2024
- Over the past six months, the Pensioner and Beneficiary Living Cost Index (PBLCI) rose by 1.5%.
- Additionally, the Consumer Price Index (CPI) increased by 1.8% during the same period.
- Consequently, it’s anticipated that the Age Pension will be adjusted by approximately 1.8% in March 2024. For reference, the last increase in September 2023 was 3.2%.
Now, let’s look at the expected changes for different pension rates:
Couples Rate:
- Couples receiving a combined payment can expect an extra $29.40 per fortnight ($14.70 each).
- If currently receiving the full combined pension rate of $1,653.40, it will likely increase to $1,682.80 from March 20, 2024.
Single Rate (including couples apart due to ill health):
- The single rate is projected to increase by $19.50 per fortnight.
- If currently receiving $1,096.70 each fortnight, it’s expected to rise to $1,116.20 after the March 2024 pension increase.
These estimates include the energy supplement, which is not indexed and is available only to those who were receiving it before September 20, 2016.
Furthermore, the JobSeeker payment will also be indexed on March 20. For individuals over 55, the maximum rate should increase by approximately $14.40 to $816.90 per fortnight. For single people with no children, the maximum rate should increase by $13.50, and for partnered individuals, by $12.30.
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latest disability pension news 2024
VA Disability pay rates for veterans in Australia in 2024:
10% – 20% (No Dependents)
- 10%: £171.23
- 20%: £338.49
30% – 60% Without Children
| Dependent Status | 30% | 40% | 50% | 60% |
|---|---|---|---|---|
| Veteran Alone | £524.31 | £755.28 | £1,075.16 | £1,361.88 |
| Veteran with Spouse Only | £586.31 | £838.28 | £1,179.16 | £1,486.88 |
| Veteran with Spouse & One Parent | £636.31 | £904.28 | £1,262.16 | £1,586.88 |
| Veteran with Spouse and Two Parents | £686.31 | £970.28 | £1,345.16 | £1,686.88 |
| Veteran with One Parent | £574.31 | £821.28 | £1,158.16 | £1,461.88 |
| Veteran with Two Parents | £624.31 | £887.28 | £1,241.16 | £1,561.88 |
| Additional for A/A spouse | £57.00 | £76.00 | £95.00 | £114.00 |
70% – 100% Without Children
| Dependent Status | 70% | 80% | 90% | 100% |
|---|---|---|---|---|
| Veteran Alone | £1,716.28 | £1,995.01 | £2,241.91 | £3,737.85 |
| Veteran with Spouse Only | £1,861.28 | £2,161.01 | £2,428.91 | £3,946.25 |
| Veteran with Spouse and One Parent | £1,978.28 | £2,294.01 | £2,578.91 | £4,113.51 |
| Veteran with Spouse and Two Parents | £2,095.28 | £2,427.01 | £2,728.91 | £4,280.77 |
| Veteran with One Parent | £1,833.28 | £2,128.01 | £2,391.91 | £3,905.11 |
| Veteran with Two Parents | £1,950.28 | £2,261.01 | £2,541.91 | £4,072.37 |
| Additional for A/A spouse | £134.00 | £153.00 | £172.00 | £191.14 |
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30% – 60% With Children
| Dependent Status | 30% | 40% | 50% | 60% |
|---|---|---|---|---|
| Veteran with Child OnlyVeteran with Spouse and Child | £565.31 | £810.28 | £1,144.16 | £1,444.88 |
| Veteran with Spouse and Child | £632.31 | £899.28 | £1,255.16 | £1,577.88 |
| Veteran with Spouse, One Parent, and Child | £682.31 | £965.28 | £1,338.16 | £1,677.88 |
| Veteran with Spouse, Two Parents, and a Child | £732.31 | £1,031.28 | £1,421.16 | £1,777.88 |
| Veteran with One Parent and Child | £615.31 | £876.28 | £1,227.16 | £1,544.88 |
| Veteran with Two Parents and a Child | £665.31 | £942.28 | £1,310.16 | £1,644.88 |
| Add Each Additional Child Under the age of 18 | £31.00 | £41.00 | £51.00 | £62.00 |
| Each Additional school over the age of 18 | £100.00 | £133.00 | £167.00 | £200.00 |
| Additional for A/A spouse | £57.00 | £76.00 | £95.00 | £114.00 |
70% – 100% With Children
| Dependent Status | 70% | 80% | 90% | 100% |
|---|---|---|---|---|
| Veteran with one Child (no spouse and no parents) | £1,813.28 | £2,106.01 | £2,366.91 | £3,877.22 |
| Veteran with Spouse and Child (no parents) | £1,968.28 | £2,283.01 | £2,565.91 | £4,098.87 |
| Veteran with Spouse, One Parent, and One Child | £2,085.28 | £2,416.01 | £2,715.91 | £4,266.13 |
| Veteran with Spouse, Two Parents, and a Child | £2,202.28 | £2,549.01 | £2,865.91 | £4,433.39 |
| Veteran with One Parent and Child | £1,930.28 | £2,239.01 | £2,516.91 | £4,044.48 |
| Veteran with Two Parents and a Child | £2,047.28 | £2,372.01 | £2,666.91 | £4,211.74 |
| Add Each Additional Child Under the age of 18 | £72.00 | £82.00 | £93.00 | £103.55 |
| Each Additional school over the age of 18 | £234.00 | £267.00 | £301.00 | £334.49 |
| Additional for A/A spouse | £134.00 | £153.00 | £172.00 | £191.14 |