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Temporarily Reducing Superannuation Minimum Drawdown Rates Grant Run By: Australian Government Treasury Further Information: https://treasury.gov.au/coronavirus/households/retirees

The Australian Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50 per cent for 2019-20 and 2020-21. This measure will benefit retirees holding these products by reducing the need to sell investment assets to fund minimum drawdown requirements.

Last Updated: 20th of July 2021
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Reducing Social Security Deeming Rates Grant Run By: Australian Government Treasury Further Information: https://treasury.gov.au/coronavirus/households/retirees

The Government is reducing both the upper and lower social security deeming rates by a further 0.25 percentage points in addition to the 0.5 percentage point reduction to both rates announced on 12 March 2020.

The change reflects the low interest rate environment, reducing the income deemed to have been earned from interest on investments and savings allowing for an increase in social security payments.

Last Updated: 20th of July 2021
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