The Age Pension in Australia is a government-funded retirement income support program designed to provide financial assistance to eligible older Australians. It is administered by the Department of Social Services and is a part of the broader social security system in the country. The Age Pension helps individuals meet their basic living expenses once they reach the eligibility age. 

Key features of the Age Pension in Australia include: 

1. Eligibility Criteria: To be eligible for the Age Pension in Australia, you must meet the following criteria: 

• Be at least 66.5 years of age (as of September 2023, from January 2024 the age of eligibility is increasing gradually to 67). 
• Meet residency requirements, which typically involve living in Australia for a certain number of years. The exact requirements may vary based on your circumstances. 

2. Income and Assets Test: Eligibility for the Age Pension is subject to both an income test and an assets test. The test that results in the lower rate of payment is the one that’s applied. The income and assets thresholds change periodically. 

• Income Test: The income test considers various sources of income, including wages, investment income, and superannuation income. Your eligibility and payment amount decrease as your income increases. 
• Assets Test: The assets test takes into account the value of your assets, including property, savings, investments, and superannuation. Your eligibility and payment amount decrease as your assets increase. 

3. Residential Requirements: There are specific rules regarding residency that you must meet to qualify for the Age Pension. For instance, you generally need to be an Australian resident and residing in Australia on the day you apply for the pension. 

4. Payment Rates: The payment rates for the Age Pension vary based on your personal circumstances, including your relationship status, income, and assets. The payment rates are adjusted in line with changes in the cost of living and reviewed on a regular basis. 

5. Additional Payments and Supplements: Some pension recipients may be eligible for additional payments or supplements, such as the Pension Supplement, Rent Assistance, and the Energy Supplement. These are designed to provide extra support for specific needs. 

6. Reciprocal Agreements: Australia has reciprocal social security agreements with several countries. These agreements can affect your eligibility for the Age Pension if you’ve lived or worked in a partner country. 

7. Work and Income Limits: If you’re receiving the Age Pension, there are limits on how much you can earn before your pension payment is affected. These limits vary based on your personal circumstances. 

8. Means Testing: The means testing of income and assets is a fundamental feature of the Age Pension program. The purpose is to direct government assistance to those who have fewer financial resources and ensure that those with higher means receive lower pension payments. 

9. Regular Assessments: The income and assets of Age Pension recipients are regularly assessed to ensure they remain eligible for the pension and to determine the appropriate payment amount. 

It’s important to note that the rules and regulations regarding the Age Pension can change over time, so it’s advisable to consult with the Department of Social Services or a financial advisor for the most current and accurate information if you’re planning to apply for the Age Pension in Australia.