Rebalance the Assets Test Parameters Pensioner Impacts

Non-homeowner couples
The table below:
compares the amount of Age Pension received by a non-home owner couple under the measure
to Rebalance the Assets Test Parameters with the amount they would receive under the
present assets test arrangements;
shows the percentage of their assets that they would need to draw down to replace the
reduction in their pension as a result of the Rebalance the Assets Test Parameters measure; and
shows the number of pensioners with assessable assets in the ranges that are affected by
Rebalance the Assets Parameter measure.
Number of
Assessable
Reduction
% of
Assessable
pensioners
Age
Age
Assets
(increase)
assets
asset range
with
Pension
Pension
in pension
required
assessable
received at under
income
to
assets in
current
rebalanced
received
replace
specified
$1.50 taper asset test
Age
range
rate*
measure *
Pension
a year
$100,000

$34,923

$34,923

$0

N/A

$200,000

$34,923

$34,923

$0

N/A

$300,000

$34,923

$34,923

$0

N/A

$400,000

$34,923

$34,923

$0

N/A

$500,000

$33,012

$34,923

($1,911)

N/A

$600,000

$29,112

$32,973

($3,861)

N/A

$699,000

$25,251

$25,251

$0

N/A

$700,000

$25,212

$25,173

$39

0.01%

$800,000

$21,312

$17,373

$3,939

0.49%

$900,000

$17,412

$9,573

$7,839

0.87%

$1,000,000

$13,512

$1,773

$11,739

1.17%

$1,023,000

$12,615

$0

$12,615

1.23%

$1,100,000

$9,612

$0

$9,612

0.87%

$1,200,000

$5,712

$0

$5,712

0.48%

$1,300,000

$0

$0

$0

*based on projected pension rates at 1 January 2017.

N/A

$0 - $99,999
$100,000 $199,999
$200,000 $299,999
$300,000 $399,999
$400,000 $499,999

271,935
30,453
13,909
7,378
3,865

$500,000 $599,999

2,271

$600,000 $699,999

1,307

$700,000 $799,999
$800,000 $899,999
$900,000 $999,999
$1,000,000 $1,099,999
$1,100,000 $1,199,999
$1,200,000
AND GREATER

961
699
531
302
224
102

Single Non-home owners

The table below:

compares the amount of Age Pension received by a single non-home owner under the measure
to Rebalance the Assets Test Parameters with the amount they would receive under the
present assets test arrangements;
shows the percentage of their assets that they would need to draw down to replace the
reduction in their pension as a result of the Rebalance the Assets Test Parameters measure; and
shows the number of pensioners with assessable assets in the ranges that are affected by
Rebalance the Assets Parameter measure.

Assessable
Assets

Reduction
(increase)
in pension
income
received

% of assets
required to
replace Age
Pension a
year

Age
Pension
received at
current
$1.50 taper
rate*

Age
Pension
under
rebalanced
asset test
measure *

$100,000

$23,166

$23,166

$0

N/A

$200,000

$23,166

$23,166

$0

N/A

$300,000

$23,166

$23,166

$0

N/A

$400,000

$21,723

$23,166

($1,443)

N/A

$500,000

$17,823

$19,266

($1,443)

N/A

$537,000

$16,380

$16,380

$0

N/A

$600,000

$13,923

$11,466

$2,457

0.41%

$700,000

$10,023

$3,666

$6,357

0.91%

$747,000

$8,190

$0

$8,190

1.1%

$800,000

$6,123

$0

$6,123

0.77%

$900,000

$2,223

$0

$2,223

0.25%

$1,000,000

$0

$0

$0

N/A

* based on projected pension rates at 1 January 2017.

Assessable
asset range

$0 $99,999
$100,000 $199,999
$200,000 $299,999
$300,000 $399,999
$400,000 $499,999

Number of
pensioners
with
assessable
assets in
specified
range

900,730
57,964
24,615
12,668
6,383

$500,000 $599,999

3,731

$600,000 $699,999

2,174

$700,000 $799,999

1,292

$800,000 $899,999
$900,000 $999,999

666
67