The Senate has passed the Government’s proposal to increase the age pension assets test free area, and to increase the taper rate by which a pension is reduced.
As a result, a number of part-pensioners will become full pensioners, and some part-pensioners will receive higher part-pensions.
In addition, some part-pensioners will lose their part-pension. Those existing pensioners who lose access to the part pension as a result of the increase in the taper rate will, however, be guaranteed access to the Commonwealth Seniors Health Card.
Here’s an outline of the changes to the Age Pension thresholds which take effect on 1 January 2017: