Billionaire Clive Palmer says his party would increase the aged pension by $150 a fortnight.

Mr Palmer says that represents a 20 per cent increase on the basic rates for singles and couples.

He says a Palmer United Party government would boost pensions and provide back pay to veterans and their families to the tune of $640 million.

"There are so many pensioners in this country, our mothers, fathers and aunts, who have been treated very shabbily by the system," Mr Palmer told reporters on Wednesday.

He said veterans' pensions had fallen behind civilian pensions.

"Many of them are entitled to back pay," he added.

"In any government I lead there will be a stand alone minister to look after veterans' affairs."

More than 300,000 veterans and their families struggle with inferior pensions, he said.

Mr Palmer refused to outline where the money would come from, saying his party's policy costings would be outlined later.