Anne Stanley MP

Government Whip

Member for Werriwa

Deeming Rates for Pensioners

The Albanese Labor Government has delivered on its election commitment of freezing the social security deeming rates for a further two years. The lower deeming rate will remain at 0.25% and the upper rate will remain at 2.25% until the 30th of June 2024.

“This means pensioners can keep more of what they earn from their financial investments without incurring any penalties or additional costs to their pension income” said Ms. Anne Stanley.

From the start of the current financial year, July 1st 2022, the lower rate will apply to financial investments up to $56,400 for singles and $96,600 for couples whilst the upper rate applies to assets above these.

“During the last term of Parliament I was proud to fight for the reduction in the deeming rates of 0.75% and I am proud to be apart of a government that will continue the reduced deeming rates”.

This will help protect our pensioners and retirees from the rising cost of living and inflationary pressures. An Albanese government will always deliver for our older Australians.

Media Contact: Anne Stanley MP (02) 8783 0977