Unfair Deeming Rates

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

3 thoughts on “Unfair Deeming Rates

  1. The government must be fully aware of the disparity in the rates.
    (I remember when the ‘deemed’ rate was less than a general savings rate)
    We don’t need to tell the government. They know it already.
    I wonder why they have allowed this to happen?
    They do need to be reminded that it is an ‘unfairness’ that needs to be addressed promptly.
    All we can do is to stress this with our parliamentary representative as opportunity allows?

  2. The Government hasn’t changed the deeming rates for many years.

    That is because they consider the “Aged Pensioners” to be a burden on their ever opportunistic budget bottom line.

  3. Looks like they now have no choice but to lower the deeming rates. There will be a big announcement soon regarding this and displaying how very considerate they are to us pensioners! (How come all the past changes (long ago!)did not require special announcements?)

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