The new financial year has brought changes to asset and income tests for the Age Pension, meaning more money for around one million Australian pensioners.

From 1 July, the extra allowable amount for retirement villages and granny flats has increased from $216,500 to $224,500, meaning village residents who have paid less than that will qualify as non-homeowners and be eligible for up to $145.80 per fortnight in Rent Assistance over and above the Age Pension, depending on their contracts.

Asset thresholds have also increased as follows:

• Singles: from $270,500 to $280,000 for homeowners, and from $487,000 to $504,500 for non-homeowners;
• Couples: from $405,000 to $419,000 for homeowners and from $621,500 to $643,500 for non-homeowners.

Additionally, the income threshold has increased from $180 to $190 per fortnight for singles and from $320 to $336 for couples, while the lower deeming threshold has risen to $56,400 for singles and $93,600 for couples.

The Age Pension itself grew by 2.1% in March.