Why is the Morrison Government continuing to shortchange pensioners?

Linda Burney addresses the House of Representatives Federation Chamber - Monday, 21 June 2021 - Social Services Consideration in Detail Part 1: Pensioners

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The past year has reminded all Australians of the importance and the value of our social security system. It exists and functions to ensure that Australians can live with dignity, no matter their employment status, their age or whether they or a loved one have a disability. Australians understand that life can be random and unpredictable. You never know when one day you may need a bit of extra help, and Labor will always seek to strengthen and improve our Social Security system. Our pensioners have worked hard and contributed all their lives. They deserve respect, and they deserve to live with dignity.

However, over the past year this government has either cut or tried to cut the pension. In 2015, they did a deal with the Greens that saw 370,000 pensioners receive $12,000 less a year. In 2014, they cut $1 billion out of the pensioner concessions. They have spent five of the last eight years trying to increase the pension age to 70, and just last year they were caught trying to freeze the pension by refusing indexation. The short-changing of pensioners by this government continues on the unreasonably high deeming rates. While the reserve cash rate is 0.1 per cent, this government continues to maintain an upper deeming rate of 2.25 per cent. My first question for the government is: why is the government pushing pensioners into risky investments by short-changing them with this unreasonably high pension deeming rate?

LINDA BURNEY

SPEECH - MONDAY, 21 JUNE 2021