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Prime Minister Scott Morrison has confirmed his government will freeze deeming rates, which simplify payments and income reporting for pensioners, for two years after yesterday’s interest rate rise.

The Coalition says 890,000 Australians will benefit, including 450,000 aged pensioners. Mr Morrison also called on banks to pass out the increased interest rate to deposit-holders, as they have done for mortgage customers.

“The other thing I would say is that banks have always been very quick to pass on higher interest rates to mortgage-holders, they should be just as quick to ensure those changes pass on to deposit-holders, like those who we’re here with today,” he said.

“And I think it’s only fair. What we’re announcing here on deeming rates is about giving self-funded retirees and pensioners a fair go.

“They’ve saved hard for their retirement. They’ve been doing it tough over the last two or three years as well.

“We want to ensure that they have a fair go going forward and that’s what our economic shield is all about.”

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