The deeming rate is institutionalised theft – National Seniors Australia
Pensioners are angry and feeling short changed over the deeming rate. The Government’s deeming rates presume a financial investment is earning a certain rate of income even if its not. The rate has not changed in four years.
Treasurer Josh Frydenberg says the expenditure review committee will consider how to minimise the hit to the budget if they change the deeming rate to be more in-line with the Reserve Bank set interest rate.
National Seniors Australia Chief Advocate Ian Henschke joined Oly Peterson today arguing the deeming rate is too high and is hurting pensioner incomes.
“If he [Josh Frydenberg] decides he’s going to continue to take away people’s money from their pension, he’s going to get the wrath of them at the next election.”
“You don’t balance the budget on the back of a broken down pensioner. We are a better country than that.”
Download this podcast here