A significant rise to the age pension and rent assistance

The more than 2.6 million retirees who rely on the age pension can now see another lift in their income from September 20, and for those eligible for rent assistance there is a significant boost too.

It’s been a week filled with good news. The more than 2.6 million retirees who rely on the age pension can now see another lift in their income from September 20, and for those eligible for rent assistance there is a significant boost too. And, if you are just outside the limits for the Commonwealth Seniors Health Card now, you should double check, because the limits have been given a boost, indexing for inflation.

In a welcome announcement, the Australian government has unveiled increases to income support payments and pensions, providing much-needed financial relief to millions of Australians. These adjustments, set to take effect on September 20, come as part of the government's commitment to addressing the rising cost of living. The move follows the introduction of a comprehensive $14.6 billion cost of living package earlier this year.

Here are the key changes that will be implemented from September 20 that affect retirees:

Recipients of the age pension will receive an increase to the single pension rate of $32.70 to $1096.70 per fortnight, and for couples combined, the rate will increase by $49.40 to $1653.40. These figures include Pension Supplement and Energy Supplement. And the net effect could be more than $2500 in the hip pocket for some couples.

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In addition to this, income support recipients who are renting will enjoy an increase in the maximum rates of Commonwealth Rent Assistance. Single people will see the maximum rate rise by $27.60 to $184.80 per fortnight and couples will see the maximum rate increase by $32.34 to $217.28 per fortnight.

And finally, the income Limits for Commonwealth Seniors Health Card recipients will also be indexed, increasing by $5400 to $95,400 per annum for singles and by $8640 to $152,640 per annum for couples combined.

Other supplementary payments, including Telephone Allowance and Utilities Allowance, will also be indexed.