PENSIONERS RIPPED OFF BY GOVERNMENT OVER DEEMING RATES

The Federal Government is ripping off pensioners at a time when they can least afford it.

Member for Macquarie, Susan Templeman MP has used one of her first speeches to Parliament since being re-elected, to call on the Morrison Government to act on Deeming rates for pensioners – a problem she first highlighted as a new MP in 2016.

“While the Reserve Bank slashes interest rates to help stimulate spending in our flagging economy, pensioners and part pensioners are the Government’s forgotten casualties,” Ms Templeman said.

“While official interest rates are down to record lows, the Government still assumes part pensioners are earning at least 3.5% on their savings.

“Clearly that’s not happening for anyone, anywhere in Australia and definitely not for part pensioners in the Hawkesbury or Blue Mountains.

“I probably shouldn’t be surprised that one of the first speeches I made in this new Parliament was on the same issue that I spoke of three years ago because actually not much has changed and pensioners are still low down on this government’s priorities list.

“Back in 2016, I raised how deeming rates were impacting pensioners in the Hawkesbury and Blue Mountains because there hadn’t been a change since 2015, in spite of interest rates being cut.

“Since then, as the Reserve Bank slashed rates to record lows, more people are struggling to live on a part part-pension because the government assumes they are earning at least 3.35% on their savings.

“The cash rate has been cut five times since 2015, and is a third lower than the lowest rate during the