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Morrison Government to move on Deeming Rates

Under mounting pressure from seniors and pensioner groups the Morrison Government is finally expected to announce this week that it will cut the Deeming Rate for the first time in 4 years.

The Deeming Rate prescribes that part pensioners with $50,000 in the bank are earning 3.25 per cent on their money, despite the fact the best available term deposit rate is just over 2 per cent.

Ian Yates from Council on the Ageing tells Mark while any reduction will be welcome what really needs to happen is for decisions on the deeming rate to be handed to an independent agency.

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