National Seniors is calling for deeming rates to be lowered in line with the recent cut to interest rates. Our call is being backed by Labor, which wants a review. The government says it is already checking whether the rates are right. It is time for action.
Last week when interest rates went down National Seniors went into action on your behalf.
We said if the government was demanding the banks pass on the interest-rate cut to homeowners and business borrowers the same should be applied to deeming rates for pensioners and retirees.
Labor's human services spokeswoman Linda Burney said “with standard term deposits now earning two per cent or less, it's clear the deeming rates aren't keeping up with what pensioners are earning.”
"The treasurer demanded banks pass on the Reserve Bank's rate cut to home loan customers in full. Why won't he do the same for pensioners? It's hypocrisy."
Chief Advocate Ian Henschke weighed in on the issue during his interview with Ross Greenwood on Radio 2GB.
Ian also appeared on Channel Nine News to put forward our position.
"It's not a fair go for older Australians if you demand on one day that banks do the right thing and then you don't do the right thing as a government", he said.
You can watch the full interview below.
This latest campaign is resonating with our members and the wider community.
We will continue to push on this one and fight for fairness.
We will also keep fighting for the rights of older Australians in relation to a host of other issues.
Together, we can make a difference.