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From September 20, the maximum rate for the age pension, carer payment and disability support pension has increase to $28.10 a fortnight for singles and $42.40 for couples. This would bring fortnightly payments up to $1,144.40 for singles and $1,725.20 for couples, calculations by the Combined Pensioners and Superannuants Association (CPSA) found.
The asset test thresholds have also increased to keep pace with inflation with a home owning couple now eligible for a full age pension if the balance of their assets (excluding the family home) is below $470,000.
Retirees that rent can now have up to $1,297,500 in assets before missing out on the Age Pension.
The maximum rate for JobSeeker increased by $15.30 for singles, taking the total rate to $778 per fortnight. For couples, the rate is expected to increase by $14 to $712.30 per fortnight.
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