Pensioners will need to vote with their feet next time, unless those with savings, whose interest so many depend to supplement their pensions, get relief from the grossly unfair and clearly improper, ‘deeming’ rates.
Deeming rates are what the Government ( Centrelink) presume are the interest paid on individual investments to assess pension levels.. Today these deeming rates, are far higher than the rate actually paid out by Banks.
As of today, senior’s bank investments only earn around 1.5 % or so. (That means $7500 pa for those lucky enough to have $ 500 000 in the bank, and for those with say $20 000 in the bank, an earning of a measly $300 p.a.
Solidarity in the pensioner vote, to protect us into the future when there will be so many more of us, will become increasingly important.
STOP PRESS! Fed Gov has since taken action here