Slade Brockman (WA, Liberal Party) | Hansard source

I will take that interjection, Senator Pratt, and I will get to pensions. Just hold your horses; I will get to pensions. Let's talk about pensions for a little bit, and I'll get to deeming rates as well if I've got time. From 20 September 2019, pensions increased by $125 a fortnight for singles and $188 a fortnight for couples. Since the coalition was elected in 2013, pensions have been indexed twice yearly—something those opposite seem to have forgotten, though it has been going on for a little while now—and they continue to grow in line with that indexation. But that is not all this government is doing to assist older Australians with the cost-of-living pressures that we know are very real. In fact, $46.8 billion has been provided in financial assistance to older Australians, and this will increase to over $53 billion by 2021-22.

What else is this government doing to assist older Australians? There is $365 million allocated over two years, from 2018-19, for an energy assistance payment to five million income support recipients—$75 for singles and $62 each for eligible members of a couple. And, of course, there's the deeming rates issue. The minister, on 14 July, announced a reduction in the deeming rates. This reduction ensures that those rates are responsive to changing economic conditions and the current economic environment. A million Australians will benefit from a $600 million boost to pensions. They will receive up to, and I repeat 'up to'—and this was always very clear—$1,053 for couples and $804 for singles each year. 'Up to' are two very simple words, but two very simple words that those opposite don't seem to understand.

We are about ensuring our welfare system, our support for all Australians in need of assistance, including our pensioners, is sustainable into the future. Social security and welfare were a cost to the taxpayer of $172 billion in the 2018-19 financial year. This is not an amount that can be ignored. It is a very significant part of the budget and a very significant amount of money. This government takes its responsibilities to all those who receive government assistance, but particularly to pensioners, very seriously. We will continue to do the right thing by older Australians, because this is a government that knows how to manage money, knows how to balance its budgets and knows how to provide the assistance that older Australians need.