Minister for Families and Social Services Senator Anne Ruston has announced cuts to deeming rates, backdated to 1 July 2019.
The lower deeming rate will decrease to 1.0% from 1.75% for financial investments up to $51,800 for single pensioners and $86,200 for pensioner couples. The upper deeming rate will be cut to 3.0% from 3.25% for balances over these amounts.
The Government stated that under the new rates, age pensioners whose income is assessed using deeming will receive up to $40.50 a fortnight extra for couples, and $31 a fortnight extra for singles.
The Government also stated recipients will start to see the additional payments in their bank accounts from the end of September in line with the regular indexation of the pension and will be backdated to 1 July 2019.
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