Malcolm Turnbull is short changing local pensioners by failing to reduce deeming rates in line with falling interest rates.
Federal Member for Blair, Shayne Neumann said the Liberal Government has failed to adjust the deeming rates for more than 18 months despite interest rates falling from 2.25 percent in February 2015 to 1.50 percent today.
"Currently a single pensioner's savings are deemed at 1.75 percent on the first 14 a fortnight.
"That would completely wipe out any benefit pensioners receive from today's increase of 2.50 for couple age pensioners."
Today is one of two regular indexation days in which the pension is indexed in line with the highest of three indices: Consumer Price Index (CPI), Male Total Average Weekly Earnings (MTAWE) or the Pensioners and Beneficiary Living Cost Index (PBLCI).
"In every single Budget the Abbott-Turnbull Government has handed down they have tried to cut the pension.
"In 2014 the Abbott Government tried to change pension indexation - a change that would have left pensioners around $80 a week worse off within ten years.
"Then they tried to reset the deeming thresholds - a cut to 530,000 part pensioners across Australia.
"The Liberals still want to increase the pension age to 70 - meaning that Australia would have the oldest pension age in the developed world.
"The Liberals still want to change the amount of time migrant pensioners can spend overseas before their pension is cut.
"Only Labor is standing up for pensioners in Ipswich and the Somerset Region.
"Mr Turnbull must lower the deeming rates and provide relief to Australian pensioners," Mr Neumann said.
