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Picture Book · Age Pension

Two tests, one answer

Story pages

An older couple in their seventies sitting on garden chairs under a jacaranda tree
Meet Lorraine and Bill. They're 72 and 74 and own their home.
Two identical clay pots side by side on a garden bench
Services Australia works out their pension under the income test and under the assets test.
A seesaw resting on the side that is lower
Whichever test gives the lower amount is the one that applies.
A garden gate half open onto a lawn
For many people, assets are the limit. For others, it's income.
Two matching wooden boxes stacked on a shelf
As a homeowner couple, they can have up to $499,000 in combined assets for the full pension (from 20 September 2026).
An older couple in their seventies talking at a kitchen table with cups of tea
They review both each year, because small changes can flip which test applies.

The end

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General advice warning. This picture book is general information only. It does not take into account your objectives, financial situation or needs, and it is not personal advice. Rules and thresholds change. Before acting, consider whether it is right for you, read any relevant Product Disclosure Statement and our Financial Services Guide, and seek personal advice. Past performance is not a reliable indicator of future performance.

Information as at 27 October 2026. Sources:

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Keep exploring: More age pension stories · All picture books · Age Pension what-if planner · Cost-of-living help for homeowners