The Morrison Government has announced it will cut deeming rates for older Australians across the next four years, with 8,600 pensioners living in Longman set to benefit from the cash boost.
In line with the regular indexation of the pension, the decision will take effect from September and will be backdated to July 1.
Across Australia, approximately 628,000 aged pensioners and more than 455,000 people receiving other payments will benefit from the changes.
The lower deeming rate will decrease from 1.75 per cent to 1.0 per cent 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 per cent to 3.0 per cent for balances over these amounts.
Federal Member for Longman Terry Young said the cuts to the deeming rates were a great result for the older Australians living in the Longman electorate.
“As both my parents are living on a pension, I know from personal experience how tough it can be,” he said.
“Therefore, I’ve always been a firm believer that our pensioners, who have worked hard for their entire lives, deserve to live without worrying about the cost of living.
“We have many pensioners across the Longman electorate who can’t go to their local store for groceries without stressing about how much their grocery bill will be this week.
“With the prices of everyday items increasing, it’s essential that we give our pensioners enough to live on.”
Mr Young said the Morrison Government was delivering for the many retirees and pensioners living on Bribie Island, Narangba, Caboolture, Kallangur, Beachmere, and Burpengary and across the Longman electorate.
“I am committed to improving the lives of the people of Longman, including all the pensioners and retirees who live here and that’s what I am doing. This is why I was elected.”