September Pension Increase

Services Australia (Centrelink) has unveiled the Age Pension payment rates effective from September 20, 2023.

The rate adjustments are based on three key indicators: the Consumer Price Index (CPI), the Pensioner and Beneficiary Living Cost Increase (PBLCI), and the Male Total Average Weekly Earnings (MTAWE).

With a PBLCI of 3.25% and a CPI increase of 2.2%, pension payments are aligned with the PBLCI. Single Age Pension rates, including supplements, will rise by $32.70 per fortnight to $1,096.70, while couples will see an increase of $24.70 per fortnight to $826.70.

Government payments are indexed in March and September to keep pace with the rising cost of living. In total, about 4.7 million Australians will receive increased payments when the indexation takes effect on 20 September.

Furthermore, JobSeeker and Commonwealth Rent Assistance rates will increase, but some advocate for more frequent pension indexation to address rising living costs.

Click here for a full list of all the increases that will take effect from 20 September.