Jim Chalmers delivered his third Federal Budget tonight. There were very few announcements that relate to super or retirement matters, with the Treasurer instead focusing on (in his words) “near-term pressures and long-term priorities”.
To combat these near-term pressures the Government announced a number of cost-of-living measures, particularly the already announced stage 3 income tax cuts (benefitting all taxpayers), a new $300 energy rebate (benefitting all households) and increased rent assistance (benefitting nearly 1 million renters).
One welcome announcement for Age Pensioners will be a freeze on deeming rates for a further 12 months. The lower deeming rate will remain at 0.25% and the upper rate will remain at 2.25% until 30 June 2025.
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