Pensions increased 20 September – $65 now plus $72 next March

The Single Pension has been raised by $65 per fortnight ($1,690 per year) with Couples has been raised by $10.15 each per fortnight ($264 per year).

The Single Pension is now $671.90 per fortnight or $17,470 per year. Couples now receive $1,013 per fortnight or $26,338 per year. These figures include the Pension Supplement.

The Single rate is calculated at 25% of the Male Total Average Weekly Earnings (MTAWE) which is therefore $69,880 p.a. In March 2010, the rate will increase again to 27.7% for Single pensions and 41.76% for Couples. This will mean a minimum increase in March of $73 for the Single pension. The payment increases over 6 months and roughly equates to $3,600 more per single pensioner per year – and with 2.8 million pensioners, the additional cost to the Government will exceed $7 billion.