Australia

Basic country data

  • Population 60 and over (2018)
  • 5,263,405
  • % of total
  • 21.3%
  • Population 60 and over (2050)
  • 9,395,717
  • % of total
  • 37.9%
  • Does the country have a social pension?
  • Yes
  • Region
  • East Asia & Pacific
  • Income group
  • High income

Data on social pensions

Age Pension

Basic scheme information

Data on social pensions

  • Name of pension or programme
  • Age Pension
  • Year first social pension introduced
  • 1900
  • Legislative Underpinning
  • Social Security Act 1991

2015

Australian government: age pension eligibility (webpage)

Eligibility criteria

  • Age of eligibility
  • 65
  • Targeting approach
  • Means-tested
  • Detailed eligibility criteria
  • Amount of transfer received is subject to a means-test and asset test. Single people with a monthly income of $1,896 or more receive a transfer value of zero. To receive a full pension a single person must have assets not worth more than $205,500 (homeowners) or $354,500 (non-homeowners).
  • References and notes

2015

Australian government: age pension (webpage)

Adequacy

  • Monthly benefit (local currency)
  • 1,576.8 Australian Dollars
  • US$
  • 1,122
  • % of GDP per capita
  • 27.8%
  • $ PPP
  • 1,095.0
  • % of $1.90 poverty line (PPP)
  • 1,895%
  • Local amount detailed/other benefits
  • $788.40 every two weeks for an individual,$594.30 every two weeks for a couple (each). These amounts exclude the pension supplement which is $64.50 every two weeks for an individual and $97.20 every two weeks for a couple (combined).
  • References and notes

Coverage

Cost

Resources on the pension in Australia

Social pensions database

Explore the Social pensions database

Calculator

Calculate the cost of a universal pension in your country