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These Aussies can now make an extra $7,800 a year

Eliza Bavin
·Personal Finance Editor
Updated ·2-min read
people walking on a busy street and Australian currency to represent pension boost.
Aussies on the pension will soon be able to earn more money without their payments being impacted. (Source: Getty)

Aussies on the aged pension will soon be able to earn more money each year without their Government payments being impacted.

The pension work bonus will be doubled to $600 a fortnight, meaning older Aussies can earn up to $7,800 more per year.

The income threshold for the Commonwealth Seniors Health Card will increase to $90,000 for singles and $144,000 for couples.

The legislation was cleared in the Senate last night and is expected to be endorsed by the lower house next month.

Greens senator Janet Rice said the changes would allow pensioners to deal with the rising cost of living.

"We need to be getting measures through this parliament that are going to enable pensioners to deal with the cost of living," she said.

"Here is a way of doing it."

Changes could help worker shortage

Australian businesses are struggling to fill positions at the moment as the nation suffers through a skills shortage.

So while the changes are bound to benefit older Australians dealing with the rising cost of living it may also help relieve pressure on businesses.

With unemployment sitting at 3.5 per cent, there are more jobs available than people seeking employment.

Allowing older Australians to re-enter the workforce, or up their hours, without their pension payments being impacted could help businesses fill vacancies.

Pension boost announced

This also comes after the Government announced pension payments would rise by $38.90 a fortnight for singles and $58.80 a fortnight for couples.

The maximum rate of pensions increased to $1,026.50 a fortnight for singles and $773.80 for each member of a pensioner couple, or $1,547.60 per couple (including Pension Supplement and Energy Supplement).

The rise was part of regular indexation of the payment, to ensure it stays in line with inflation.

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