MEDIA RELEASE - TOO LITTLE, TOO LATE FOR PENSIONERS - SUNDAY, 14 JULY 2019

TOO LITTLE, TOO LATE FOR PENSIONERS


Australian pensioners will be disappointed by the Government’s delayed and half-hearted announcement on deeming rates today.

It’s not good enough.

Pensioners were expecting better, after waiting over four and a half years since the Government last adjusted the deeming rates.

The Liberals and Nationals don’t deserve any congratulations. They have been dragged kicking and screaming to this by pensioner groups and Labor.

The Government has been short-changing pensioners to prop up their budget for years.

The deeming rates determine how much the Government assumes pensioners earn on their savings and are used to calculate the rate of pension a person receives.

The Reserve Bank has cut interest rates five times since 2015, with the cash rate now at record lows of just 1 per cent.

But the Liberals and Nationals have kept the deeming rates at up to 3 per cent.

The Government needs to explain to pensioners how they can get 3 per cent returns on secure investments.

SUNDAY, 14 JULY 2019