FROM September 20, the maximum full age pension increased by $14.80 for singles per fortnight and $11.20 per person in a couple.
This equates to an extra $582.40 per annum for couples and $384.80 per annum for singles.
National Seniors Chief Advocate, Ian Henschke says the pension increase (the largest in three years) is also an opportunity for seniors to see how else they can save money.
“The hip pocket nerve is hurting a lot of older Australians right now,” Mr Henschke said.
“About one in four Australians living on the pension are living below the poverty line and National Seniors has been calling for some time for an independent tribunal to set the rate of the pension.”
Almost a third of Australians on a pension live in poverty. The poverty rate for all of Australia’s elderly aged 65 and up is 19.5 percent in 2021 and this number increases to 28.7 percent in groups over 75. This increase in the pension rate hopefully will alleviate some of the financial pressure many people are currently facing.
