Pensioners face delay in deeming rate relief until late September

Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 9-Jul-19

The federal government has not adjusted the pension ‘deeming’ rate since March 2015, despite a sharp fall in in interest rates since then. The expenditure review committee will shortly consider reducing the deeming rate, although no action may be possible until the government undertakes its bi-annual review of pension payments on 20 September. Ian Henschke of National Seniors Australia believes that the government is able to review the deeming rate at any time, although Council on the Ageing CEO Ian Yates says the Department of Human Services’ outdated computer systems means that an immediate reduction in the deeming rate may not be possible.

CORPORATES
NATIONAL SENIORS AUSTRALIA LIMITED, COUNCIL ON THE AGEING, AUSTRALIA. DEPT OF HUMAN SERVICES, AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. EXPENDITURE REVIEW COMMITTEE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

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