How much you can earn in wages and/or investment income while remaining eligible for the age pension increases today.
If you were born on or after 1 January 1957, you can apply for the pension when you turn 67 years old, whether retired or not.
To be eligible for either a full pension or part-payment, you have to clear the means testing.
Under today's indexation changes, the upper thresholds for the income test are going up.
Now, singles who earn less than the lower threshold of $226 per fortnight are eligible for the full age pension.
Under today's changes, singles who earn between $227 and $2,701.40 per fortnight qualify for a part-payment.
Part-payments are calculated by reducing the pension by 50 cents for each dollar earned above $226.
A couple's pension is reduced by 25 cents per person for each dollar they earn above $396.
The Work Bonus cuts the amount of income that counts in a pensioner's fortnightly income test.
Every fortnight, $300 credit is added to your Work Bonus balance, up to a maximum of $11,800.
When you work and declare that income, your Work Bonus balance offsets those earnings.
Deeming rates are going up today, but they are still low.