Pensioners Can Earn More And Keep More Of Their Pension

The Albanese Labor Government’s first budget is encouraging more than 26,000 pensioners in the Barton electorate to earn more and keep more of their pension.

 From December 1, pensioners will be able to earn up to $11,800 before their pension payment is reduced, up from the previous threshold of $7,800.

 More than 26,400 pensioners in Barton that could benefit from this change.

 This is one part of a suite of measures to ease cost-of-living pressures for senior Australians.

 The October Budget included $74 million to incentivise pensioners to downsize from January 1, 2023.

 Incentives include:

  • Extending the asset test exemption for pensioners downsizing their home from 12 months to 24 months;

  • Reducing the deeming rate on home sale proceeds intended to buy a new home from 2.25 per cent per year to 0.25 per cent

Quotes from Barton MP Linda Burney

“Pensioners deserve to have the choice to work more if they wish do so, without being disadvantaged by losing much of their pension.

“We know the cost of everything is going up, which is why we are targeting cost-of-living relief to vulnerable Australians who need it most.”

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