The government has also outlined changes to the pension deeming rate, with an average benefit of $8.42 a fortnight, or $219 a year to age pensioners.
The lower deeming rate will be cut from 1% to 0.5% for financial investments up to $51,800 for single pensioners and $86,200 for pensioner couples.
The upper rate, which only impacts about 40% of payment recipients with deemed assets, will decrease from 3% to 2.5%.