REDUCTION OF SOCIAL SECURITY DEEMING RATES
SUMMARY
Reduction to deeming rates to benefit income support recipients who are assessed using the income test.
POLICY
As of 1 May 2020, the upper deeming rate will be 2.25 per cent and the lower deeming rate will be 0.25 per cent. The Government estimates the reduction will benefit around 900,000 income support recipients, including around 565,000 people on the Age Pension who will, on average, receive around $105 more from the Age Pension in the first full year that the reduced rates apply.
MORE INFORMATION
Refer to the following Treasury website page for more information:
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