Tuesday 16 July 2019

On 14 July 2019 the Minister for Families and Social Services Senator Anne Ruston announced cuts to the Centrelink deeming rates.


The lower deeming rate will decrease from 1.75% to 1.0% for financial investments up to $51,800 for single pensioners and $86,200 for pensioner couples. The upper deeming rate will be cut from 3.25% to 3.0% for balances over these amounts. 

Under the new rates age pensioners whose income is assessed using deeming will receive up to $40.50 a fortnight for couples, $1053 extra a year, and $31 a fortnight for singles, $804 a year. 

The change to the deeming rates will be backdated to 1 July 2019.

Further information

Ministers for the Department of Social Services Media release Cuts to deeming rates a cash boost for about 1 million Australians, 14 July 2019

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