Seniors getting raw deal

Updated April 24 2018 - 8:26pm, first published August 7 2016 - 8:57pm

Mr Turnbull is outraged because the banks have refused to pass on the interest rate cut in full. I am outraged too that the banks have immediately reduced the interest rates it pays on senior accounts. The banks have even inserted an extra threshold to make sure they can make as much profit as they can from pensioners with only a small amount of savings. The government refuses to lower the interest rates it deems pensioners to be earning. As a consequence pensioners are being deemed to earn more than they receive. I was advised by the government that pensioners should be prepared to invest and take a risk. This is a disgraceful attitude.

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