Pensioners to get around 804$ a year after rates cut

The federal government on Sunday announced it would cut deeming rates which are used to estimate how much some pensioners earn on their financial investments. Families and Social Services Minister Anne Ruston said affected pensioners would receive up to $40.50 extra per fortnight for couples and $31 for singles.

The federal government announced it would cut deeming rates used to estimate how much some pensioners earn on their financial investments. Source: AAP Image/Alan Porritt

The deeming rate on the first $51,800 of a single pensioner's financial investments - and the first $86,200 of a couple's - will drop from 1.75 per cent to 1 per cent.

The deeming rate for balances above those amounts will go from 3.25 per cent down to 3 per cent.

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