Pension cuts

Cuts to the age pension, legislated in 2015, have begun. The main change is to the assets test taper rate.

For every additional $1000 in assets, pensioners now lose $78 a year (raised from $39). Previously, a homeowner couple with $1,178,000 in assets would have qualified for a part pension. This upper limit has dropped to $816,000. (These figures do not include the family home.)

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