Freeze of deeming rate for 900,000 social security recipient

[JJJ88]

Excerpt:- PM says retirees need 'a fair go' from banks

Retirees must be given "a fair go" by the banks for staying loyal during the pandemic, the prime minister says.

Announcing a freeze to the deeming rate for almost 900,000 social security recipients, Mr Morrison said self-funded retirees had been "doing it tough" in the past two years.

"My message to the banks is to give [deposit holders] a fair go," he told reporters in Adelaide on Wednesday.

Prime Minister Scott Morrison talks to elderly residents at Parks Lifestyle Retirement Village on Day 24 of the 2022 federal election campaign, in Daw Park in Adelaide.

Prime Minister Scott Morrison said retirees have been doing it tough recently, not getting much of a return on their deposits because of low interest rates. 

"I'd be encouraging the banks — it's obviously their call and there is no way to force them to do that — in fairness to those deposit-holders who have stood by their savings.

"They deserve the recognition of that, ensuring that those [interest] benefits are passed on directly to them."

The Morrison government is on the defensive after the central bank raised interest rates for the first time in more than a decade.

The deeming rate freeze will apply to 885,000 people, with the lower deeming rate set to remain at 0.25 per cent, while the upper deeming rate will stay at 2.25 per cent.

Social Services Minister Anne Ruston said the freeze would provide greater financial certainty for older Australians.

"We know that older Australians particularly have felt the uncertainty of the last two years very, very keenly and the decision today to freeze deeming rates for the next few years provides them with two years of certainty," she said.

Labor said the prime minister should be judged for not taking any responsibility when it comes to interest rate hikes, cost of living pressure and stagnant wages.

Full article of polly waffle:-
www.sbs.com.au/news/article/anthony-albanese-says-its-extraordinary-scott-morrison-hasnt-contacted-solomons-prime-minister-yet/7vj6c1xc4

[bear]

So the RBA has raised interest rates and Scotty from Announcements has gotten all indignant!!

He'd be a laugh a minute if it he wasn't so transparent..... Blathering on about how the banks need to step up to the plate, while he freezes the deeming rate; wowee!! Cheers 🐻