Technical update: Age pension, Aged care, FTB (Dolphin v3)

4 July 2024

Overview

The government recently published a number of new figures for the 2024/25 financial year that have been indexed upwards by CPI, which we have updated accordingly in Pathfinder. For future years, these figures will be indexed by our forecasted CPI.

Age pension

• These figures include deeming rates, as well as income and asset tests thresholds for the government age pension, and have generally increased by 3-4% from the previous year.

• This data can be found on the Services Australia website.

Family Tax Benefit

• The figures relating to Family tax benefit part A and B include maximum supplement payments and income test thresholds, which have all increased by 4% to 4.5%.

• This data can be found at the Family Assistance Guide website.

Aged care

• These figures include income and asset tests thresholds for Home and Residential care, which have generally increased by 4-5%. Notably, the Maximum permissible interest rate is now 8.36% (increased from 8.34%)

• Further detail can be found in the Schedule of fees and charges for residential and home care from 1 July 2024 document.