Media Release by The Hon Jenny Macklin MP

Pensioner financial investment revaluations complete

Joint Media Release with:

  • The Hon Joe Ludwig, Minister for Human Services

Many pensioners will receive higher pension payments following the revaluation of their financial investments.

Last weekend, Centrelink updated the value of pensioners’ listed securities and managed investments, following significant changes on financial markets.

Market data from mid-October has been used to update these asset values, ensuring that pensions take into account recent market fluctuation.

The process has updated the records of more than 840,000 customers who receive a pension from Centrelink, most of whom are age pensioners.

The Australian Government has taken action to ease the financial pressure on pensioners whose investments have taken a hit from the global financial crisis.

Around 370,000 customers received an average increase of $4 a fortnight and in some cases the increase was more than $100 per fortnight.

Forty-four per cent of pensioners who own shares and or managed investments will receive an increase in payments.

Around 440,000 people experienced no change in their payments, and 30,000 – or 3.5 per cent of those who had their records updated – had an average decrease of less then $2 per fortnight.

Adjustments in customers’ payments will depend on their individual circumstances, and the value of their investment portfolio.

The new payment rates automatically came into effect from Monday 3 November, so customers affected will notice a change in their next regular payment.

The new payment rate will be included in the statements that Centrelink sends out to customers on a regular basis.

Those receiving a full pension rate have generally not been affected by this process.

Anyone not happy with the outcome of the revaluation can talk to Centrelink on 13 2300 and ask for the agency to update the value of their investments.