February 08, 2018

The L-Plate Minister for Social Services, Dan Tehan, has produced another car crash performance during Question Time.

Today the Minister was asked:

“When will the Government lower deeming rates for part-pensioners?”

L-Plate Dan responded by saying:

“We will, we will, consider all options that will help. We will consider all help….all options. We will consider all options that help get Australians get a job.”

Is the Minister seriously suggesting that pensioners should just go out and get a job?

It’s been nearly three years since deeming rates were adjusted for part-pensioners.

Interest rates have fallen from 2.25 percent in February 2015 to 1.50 percent today, yet the Turnbull Government has done nothing.

Deeming rates are meant to reflect returns across a range of investment choices available in the market, but the conservatives have failed to act by lowering deeming rates.

Currently a single pensioner’s savings are deemed at 1.75 percent on the first $50,200 and any amount over that is deemed at 3.25 percent.

Labor understands that in today’s low interest rate environment pensioners find it very hard to get a reasonable rate of return on their savings.

The Turnbull Government should do the right thing by lowering the deeming rates and provide some relief to Australian pensioners.

L-Plate Dan would rather give big business a $65 billion handout, than help pensioners by lowering the deeming rates. 


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