Anne Ruston (SA, Liberal Party, Minister for Families and Social Services) | Hansard source

I thank Senator Brown for her question in relation to deeming rates. The government was pleased to make an announcement on 14 July about reducing deeming rates so that they were brought more in line with the kinds of returns that retirees and self-funded and partial pensioners were receiving on the suite of investments and financial assets that they had available to them.

As I said at the announcement, it would range for people—up to $1,053 for couples and $804 for singles each year. That would be the amount for somebody who was on the maximum amount of deeming before they were no longer eligible for the aged pension. So right the way through the whole spectrum, from getting just $1 right the way through to singles getting $804 and couples getting $1,053, there are nearly a million Australians who benefit by the reduction in the deeming rates. That reduction actually is about to take effect now and is backdated to 1 July. Our pensioners who are affected by deeming will actually feel the benefit of that when they get their—