The base Age Pension increases by $6.80 a fortnight from tomorrow.
The base rates of Age Pension, Disability Support Pension and Carer Payment will increase by $6.80 a fortnight to $850.40 for singles.
It will increase by $10.20 a fortnight to $1,282 for couples combined.
The Energy Supplement remains unchanged at $14.10 (single) and $10.60 (couple, each), while the Pension Supplement rises 40 cents for singles to $68.90 and 30 cents for couples to $51.90 each.
That brings the total base pension to $933.40 (single) and $703.50 (each member of a couple) - overall rises of $7.20 (single) and $5.40 (couple, each).
Pensions are indexed twice a year to take into account increases in cost of living measures:
- the Consumer Price Index (CPI - a measure of changes in the prices paid by households for a fixed basket of goods and services, or
- the Pensioner and Beneficiary Living Cost Index (PBLCI) - measures the effect of changes in prices of the out-of-pocket living expenses experienced by age pensioner and other households.
These are benchmarked against the Male Total Average Weekly Earnings (MTAWE), which is set by the Australian statistician, to ensure pensioners maintain a certain standard of living, relative to the rest of the population.