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