How changes will affect Pensioners
Everyone making a contribution
Single, homeowner, Age Pension recipient, $100,000 in assets
Ruth is 71, single and lives in her own home. She has investments, but apart from that receives no other income.
For the purposes of calculating her pension payment, the Government assumes Ruth receives a level of return (deeming) from her investment.
In 2013‑14 she has $89,052 in investments which is deemed to earn $2,569.
She receives the maximum rate of pension—$21,502, which includes the Energy Supplement.
In 2017‑18, Ruth's investments have grown by 12.3 per cent over four years in value to $100,000. Her investment is now deemed to earn $2,826.
Ruth still receives the maximum rate of Age Pension of $24,132.
| 2013-14 | 2017-18 | |
|---|---|---|
| Private income | $2,569 | $2,826 |
| Additional Government support Age Pension | $21,502 | $24,132 |
| Total income | $24,071 | $26,958 |
| Income tax | $0 | $0 |
| Income after tax | $24,071 | $26,958 |
Note: figures have been rounded.
PLUS other benefits and assistance
Ruth may receive a range of concessions and benefits including:
- Pensioner Concession Card
- Subsidised PBS medicines
- Assistance with costs of medical services through Medicare and the new Medicare Safety Net
- Assistance with hearing services
- Discounted mail redirection from Australia Post and concessional stamps
- Higher Private Health Insurance Rebate
- Access to Home and Community Care and Aged Care Services