Fiona Scott (Lindsay, Liberal Party) Share this | Hansard source

I rise today to give assurance to my community that on Friday their pensions went up. In fact, under this government—the coalition government—their pensions rose by $51.80 per fortnight for singles and $78 for couples. So, let me tell the people of Lindsay and the pensioners of Lindsay: do not listen to the scare campaigns, because they are simply not true. On Friday, your pensions went up, and that is thanks to this government—$51.80 for singles and $78 for couples. That is the good news. Under this government, pensions have gone up by six percentage points. This is a government that cares about your future and this is a government that cares about the pensioners in Lindsay.

Let's talk about the facts. The total increase to the indexing pensions saw single age pensioners receive a $5.90 boost to their fortnightly payments or $153.40 a year. Couples will receive an extra $8.80 a fortnight or $228.80 per year. These increases will see the maximum age pension rise to $860.20 a fortnight for single pensioners and $1,296.80 for couples.

Those opposite are blatantly scaring and frightening pensioners right around our country. It is a shameful thing for them to do, because these are people who have served our country. These are people who have paid taxes for their entire lives, and that is why we are looking after them. That is why we are providing support to our pensioners.

Let us not forget that it is this coalition government that scrapped the carbon tax. On average, that is about $500 a year in savings to families right across Australia. But for pensioners, we ensured that we left the carbon tax compensation there. We believe that they deserved this increase. So, really, we can put together the increases that have happened. This has happened not once a year but twice a year; twice a year they have received increases in their pensions. With this, pensioners will be effectively better off each fortnight by $66 for singles and by almost $100 for couples.

These are great announcements—these are good things for pensioners. We are focused on serving pensioners. Let's remember that it was those opposite who looked at dormant bank accounts. They only had to be dormant for three years then in they went and stole all the money—they stole the money! Well, we will not be doing that. We will not be in there stealing the money from dormant bank accounts.

You need in the vicinity of $1.2 million to be a self-funded retiree, and there are a lot of people in the Lindsay community who really do work hard to ensure that they can be self-funded retirees. But, again, there are a lot of people who sit on part pensions. That is why we fought very hard to provide more equity when it comes to the deeming rates. The deeming rates are absolutely crucial, and that is why I am very proud to say that under this government the new deeming rates for part pensioners will mean an increase in their payments of $3.20 a fortnight or $83.20 a year. The lower deeming rate will decrease from two per cent to 1.75 per cent for financial investments up to $48,000 for single pensioners and allowees or $79,600 for pensioner couples and $39,800 for each member of an allowee couple. This is great news for those on a part pension.

The upper deeming rate will decrease from 3.5 per cent to 3.25 per cent for balances over these amounts. These payments show that the coalition understands the pressures facing pensioners, and that we have a plan to support pensioners with the rising cost of living and changing economic circumstances.

I have outlined, firstly, that pensions are going up and, secondly, that we are providing support through providing better deeming rates for those on part pensions. We have also scrapped the carbon tax, we have scrapped the mining tax and we are leaving that compensation in there to help pensioners with their cost of living. That is what is important.

Finally, we will not be raiding dormant bank accounts. We believe that pensioners have worked hard for their money and that they should keep their money there. We are not like those opposite, or the Leader of the Opposition, who are in there stealing people's bank accounts; we are actually—

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