Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

I should also say in respect to the minimum drawdown requirements that we will be closely monitoring the markets and we will make an announcement about arrangements for the 2009-10 financial year before the end of this financial year.

One further way we have taken action to assist is in relation to deeming rates. The government has cut deeming rates three times in the last five months. This means retirees will continue to be fairly assessed on what returns they are earning on their investments for entitlement to the age pension. Of these three reductions in deeming rates—November last year, 26 January this year and now for operation on 20 March 2009—two were outside the usual March and September reassessment periods. This demonstrates that the Rudd Labor government has again responded to reductions in returns from deposit-type accounts to ensure the pension means test remains fair. (Time expired)