Assisting Households - Support for Pensioners
Senior Australians have made our nation strong and prosperous, and deserve to be supported in their later years.
The Federal Government is delivering more support for age pensioners to help them make ends meet.
Pension increases
Over the past five years, the Federal Labor
Government has delivered record pension increases
of $207 extra for singles and $236 extra for couples on the maximum rate per fortnight.
Pensions now go up more quickly and keep better pace with the rising cost of living for seniors, due to Labor's reforms to the indexation of pensions.
Home downsizing
In the 2013 Budget, the Government is supporting age pensioners who want to downsize their home, without it immediately affecting their pension. From 1 July 2014, age pensioners who have owned their home for at least 25 years and who decide to downsize will have the option to invest surplus funds of up to $200,000 into a special account that will be exempt from the means test for up to 10 years.
More generous Work Bonus
The Government recognises that many pensioners continue to work after they reach pension age. The Work Bonus increases the amount an eligible pensioner can earn from employment before it affects their pension rate.
