Department of Human Services figures show 610 pensioners have lost $197 per fortnight, or $5122 per year.

A further 1670 local pensioners have had their payments reduced by an average $129 per fortnight, or $3354 annually.

Introduced on January 1, the assets test allows for a single pensioner to own $250,000 in assets (excluding their home) and still receive the pension, while the threshold for a couple is $375,000.

For non-home owners, the single level is $450,000 and, for couples, $575,000.

Assets include superannuation, property, cars, boats, caravans, household contents and valuables and investments. However, the family home and some income streams are exempt.

Ballarat MP Catherine King said some Ballarat single pensioners stand to lose as much as $8000 a year and some couples $14,000.

“These are pensioners that have worked hard all their lives and saved for their retirement,” Ms King said.

“They don’t deserve to be put into hardship by these cuts.”

The part-pension will also be cut for single, home owning pensioners who own $542,500 in assets, or $816,000 for a couple. It will be $742,500 for single non-home owners and more than $1 million for a couple.

“Cutting the part-pension shows how out of touch the Liberals are,” Ms King said.

“First they tried to cut pension indexation – a cut that would have meant pensioners would be forced to live on $80 a week less within 10 years.

“Then they cut $1.3 billion from concessions which help pensioners with the cost essential services like electricity, water and public transport.

“The Liberal government and the Greens did a deal back in 2015 that means 2280 pensioners in Ballarat will receive less pension every fortnight, and more than 600 will receive no pension at all.

“Not only have these pensioners lost their pension but they will also lose important concessions as well, including eligibility for Australian Hearing Services. This is a double blow for local pensioners.

“The Liberals promised in the 2015 Budget that people losing their pension as a result of the assets test changes would still receive the same concessions. This is clearly not true.

“The Liberals also want to increase the pension eligibility age to 70 – meaning Australia would have the oldest retirement age in the developed world.”

However, Prime Minister Malcolm Turnbull said nine out of 10 pensioners would be better off, or have no changes to their payments, under the new system.

He said the test would ensure pensioners can own more assets before their payments were affected, and said pensioners with low income levels would not be adversely affected.