Effective 20th September 2015 the maximum Age Pension has been increased to $867 per fortnight for singles and $1,307 per fortnight for couples. This is around a 0.8% increase from the previous figures which were last updated in March 2015.
Indexing of the means test and deeming thresholds is now with inflation (CPI) rather than wage growth. In the past we prioritised simplicity by using a single indexer/deflator (wage growth), but in reality these thresholds are indexed with CPI. This makes more difference for those retiring in the longer term than now. See our previous post.
We have also updated the budget planner with the June 2015 (latest available) ASFA Retirement Standard figures to fund a comfortable standard of living for those entering retirement. More details about the standard can be found here.