The Government has its focus firmly on its much spruiked budget surplus. Trying to keep a lid on costs while being pressured to boost a flagging economy clearly has its difficulties. Which is why the long-awaited announcement that deeming rates had been altered for the first time since 2015 was good news and yet still disappointing.
Good, because finally there was acknowledgement that rates needed to be reviewed after interest rate cuts by the Reserve Bank of Australia (RBA). The cash rate was 2.25 per cent in 2015 and continued unchanged until 14 July. The cash rate is now one per cent.
Disappointing because of the scale of the cuts – from 1.75 per cent to one per cent for investments up to $52,000 (single pensioners) and $86,000 (couples), and from 3.25 per cent to three per cent for amounts over $52,000 (singles) and amounts over $86,000 (couples) – and because no mention was made of a more regular review by an independent body.
So, in today’s Friday Flash Poll, we want your views on deeming rates, the Age Pension and Centrelink.
Are you better off today than you were a two weeks ago by the changed deeming rates? Do you think the Government is out of touch with pensioners?
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