Federal Budget: Three pieces of great news for older Australians on the Age Pension
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Treasurer Jim Chalmers made three significant announcements that are set to benefit Australians on the Age Pension in Tuesday night’s Federal Budget.
"Six out of 10 PBS scripts go to pensioners and concession cardholders."
The Treasurer announced a freeze on the cost of medications on the Pharmaceutical Benefits Scheme for the next five years, meaning no pensioner or concession cardholder will pay more than $7.70 for the medications that they need.
Dr Chalmers also announced a continued freeze on deeming rates until 30 June 2025.
Deeming rates, which are set by the Federal Government and loosely linked to market rates, allow people access to the coveted Commonwealth Seniors Health Card.
The Commonwealth Seniors Health Card (CSHC) is issued to seniors aged over 67 who fail to qualify for an Age Pension because of Centrelink’s asset means test.
The rates have been frozen since the COVID-19 pandemic – this measure should benefit over 870,000 people, including 450,000 Age Pensioners.
Those on the Age Pension will also benefit from a $300 reduction in power bills, which is something every household will get.
The energy rebates are not payments as they will be deducted from power bills in quarterly instalments, not all in one hit, so your next quarterly power bill will be $75 cheaper, not $300 cheaper.
Good news for those who may be doing it tough.