Scott Morrison’s income promise to grey voters

Prime Minister Scott Morrison has announced another election sweetener for 900,000 older Australians, pledging to “shield” seniors from rate rises so as to not impact pensioners’ eligibility for income support.

In a bid to secure grey voters, Morrison is expected to announce the deeming rate will be frozen for two years, claiming the move could see some older Australians keeping an extra $1300 a year.

The deeming rate decides how much income assistance seniors are entitled to, freezing the rate means the assumed financial assets of older Australians will not change with any further rate increases.

“This is another shield to help protect Australians from the cost-of-living pressures people could feel from an increase in interest rates,” Morrison said.

“In addition to our indexation of social security payments, we will guarantee the rate of income for people who could otherwise see their social security income drop because of the increase in interest rates.

“This guarantee will be a welcome relief to Australians who rely on both the social security system and modest income from investments by ensuring their payment rates are locked in.”

The policy is aimed at easing the rising cost of living for pensioners and the government has pledged it will maintain the level of income payments they receive.

Older Australians have been a primary focus of Morrison’s election campaign, with the Coalition leader promising to expand healthcare access for pensioners.

The Prime Minister said if re-elected, his government would make medications and healthcare more accessible and affordable, promising to increase the income test from $57,761 to $90,000 for singles and $92,416 to $144,000 for couples.

“This means more senior Australians could save hundreds of dollars, including up to $428 a year for access to a monthly script for vital medicines and a refund for medical costs if you reach the Medicare safety net,” he said.

Opposition leader Anthony Albanese has also targeted the cost of living and healthcare access for older Australians in his election campaign, pledging to lower the costs of medications and health services.