The Finance Algorithm

Age Pension Indexation Estimator

What the 20 September 2026 Age Pension change did to your payment: indexation, deeming and thresholds, from the official figures.

Updated October 2026Built and checked by MaverickHow it's calculatedReport an error

Your numbers

Updates as you type

A couple's assets, income and pension are counted together.

Your home isn't counted, but homeowners have a lower assets free area.

$
$250k

Bank accounts, term deposits, shares, managed funds, and super once you reach Age Pension age. Deemed at 1.75% up to $66,800 ($110,600 for a couple) and 3.75% above.

$
$30k

Cars, caravans, home contents, investment property and business assets, at what they'd sell for. Not your home.

$
$0

Wages, rent and other income Centrelink counts. Deemed income from your financial assets is added for you.

The button asks our AI to explain these figures in words.

Age Pension: before and after 20 September 2026

Your estimate now

$1,196

a fortnight, or $31,099 a year

Change since 20 September 2026

+$13

from $1,183, +1.1%

Maximum rate

$1,237.70

a fortnight (it was $1,200.90)

Deemed income

$8,039

a year at 1.75% / 3.75% (it was $6,789)

From the old rate to your estimate, through the means tests

Centrelink pays whichever test, income or assets, gives the lower rate. Dollars a fortnight.

$1,183To 19 September 2026$1,238Maximum now$1,196Income test$1,238Assets test$1,196Your estimate
Assets free area
$333,000
within the full-pension limit
Income over free area
$2,163 a year
tapers 50c in the dollar
Binding test
Income test
next change 20 March 2027
Up about $13 a fortnight since 20 September 2026
On 20 September 2026 the maximum rate went from $1,200.90 to $1,237.70 a fortnight and deeming rates went from 1.25% / 3.25% to 1.75% / 3.75%. With $250,000 in financial assets, deemed income is now $8,039 a year (was $6,789). Your estimate goes from $1,183 to $1,196 a fortnight, and the income test sets it. The next change is due 20 March 2027.

How it works

The Age Pension changes several times a year: rates are indexed on 20 March and 20 September, deeming rates move when the government sets them, and the means test thresholds rise on 1 July. This estimator runs your situation through the means test as it stood the day before the latest change (20 September 2026) and as it stands now, so you can see what that change did to your payment. The figures come from the Department of Social Services' Social Security Guide and update when it does.

  1. 1Choose single or couple, and whether you own your home.
  2. 2Enter your financial assets: savings, shares, managed funds, and super if you're over Age Pension age.
  3. 3Enter other assets Centrelink counts, such as cars, contents and investment property.
  4. 4Add any other income Centrelink counts, such as wages or rent.
  5. 5See your estimate before and after the latest change, and which test sets your rate.

The figures today

From 20 September 2026, the full Age Pension is $1,237.70 a fortnight for a single and $1,866.00 for a couple together. It next changes on 20 March 2027.

Age Pension rates and means test

Worked examples

Single homeowner

Owns their home, $250,000 in savings and shares, $30,000 in a car and contents, no other income.

Are you single or part of a couple?
Single
Do you own your home?
Yes
Financial assets
$250,000
Other assessable assets
$30,000
Other assessable income (a year)
$0

On 20 September 2026 the maximum rate went from $1,200.90 to $1,237.70 a fortnight and deeming rates went from 1.25% / 3.25% to 1.75% / 3.75%. With $250,000 in financial assets, deemed income is now $8,039 a year (was $6,789). Your estimate goes from $1,183 to $1,196 a fortnight, and the income test sets it. The next change is due 20 March 2027.

Couple renting

A couple renting, with $480,000 in super and savings, $40,000 in other assets and $12,000 a year from part-time work.

Are you single or part of a couple?
Couple
Do you own your home?
No
Financial assets
$480,000
Other assessable assets
$40,000
Other assessable income (a year)
$12,000

On 20 September 2026 the maximum rate went from $1,810.40 to $1,866.00 a fortnight and deeming rates went from 1.25% / 3.25% to 1.75% / 3.75%. With $480,000 in financial assets, deemed income is now $15,788 a year (was $13,388). Your estimate goes from $1,520 to $1,530 a fortnight, and the income test sets it. The next change is due 20 March 2027.

Questions people ask

What is Age Pension indexation?
On 20 March and 20 September the maximum rate rises with the higher of the CPI and the Pensioner and Beneficiary Living Cost Index, and is then checked against a benchmark of male total average weekly earnings. The means test thresholds rise with the CPI on 1 July.
What is a deeming rate?
Centrelink assumes your financial assets earn a set rate, whatever they actually earn, and counts that as income. From 20 September 2026 it's 1.75% on the first $66,800 ($110,600 for a couple) and 3.75% on the rest.
Why can indexation lower my payment?
If deeming rates rise at the same time as the maximum rate, the extra deemed income can outweigh the rise for people on the income test. People on the assets test gain the full rise in the maximum rate.
When is the next change?
The next change is due 20 March 2027. This estimator updates when the Social Security Guide publishes the new figures.
Does this count as financial advice?
No. It's an estimate from the published means test. Services Australia works out your actual rate, which can include things this tool doesn't, such as the Work Bonus, gifting rules and income streams.

The terms, in plain English

Indexation
The process of adjusting government payments in line with inflation.
Deeming Rate
Interest rate used by Centrelink to estimate investment income in means tests.
Assets Test
A test for pension eligibility based on the value of all assets owned.
Means Test
Combined income and assets checks to determine qualification and payment size.

Official sources

Age Pension Deeming Impact Estimator

See how deeming on your financial assets alone feeds the income test.

Retirement Income Calculator

How long your super lasts, with the Age Pension alongside it.

Government Support Finder

See which other payments and concessions you may be eligible for.