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Pensioners to bear the brunt of lower inflation rates

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The rate of pensions is linked to inflation via the Consumer Price Index. The economic upheaval brought on by the COVID-19 pandemic has caused inflation to go backwards. Thus, the increase in the pension brought on by the indexation to inflation won't happen this time around.

For the first time in 23 years, pensioners won't be getting an automatic increase this year.

Opposition Social Services Minister Linda Burney says many of them have contacted her about the issue.

"There will be no pension indexation in the this twelve months- the first time in a quarter of a century there's been no indexation for aged pensioners. There's two and half million aged pensioners in Australia, and it was a shock to them, I can tell you, because many of them have rung my office this morning. This has been a grinding period for pensioners. It's been a grinding period for everyone. But aged pensioners deserve and expect the indexation twice a year."

Pensioners received two extra COVID-19 payments of $750 each earlier this year - one in March, the other in July. Mr Morrison indicated more support for pensioners could be on the way, likely in the form of a top-up payment later this year.

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