Retirement Wealth

Australian retirement rules and rates: a factual reference.

Deeming rates since 1996, with the RBA cash rate target

Deeming assumes that financial investments earn a set rate of income, whatever they actually earn. Income above the deemed rate is not assessed, and the deeming rates are applied to the total market value of a person's financial investments. (Social Security Guide, 4.4.1.10 Overview of deeming, Department of Social Services, reviewed 21 September 2026.) The RBA cash rate target is shown for reference. It is not a deeming rate.

Cash rate target

Deeming rates1.75% lower and 3.75% upper, from 20 September 2026

RBA cash rate target4.60% from 30 September 2026, decided on 29 September 2026

The values

Lower deeming rate and Upper deeming rate on each date one of them changed, per cent, with the RBA cash rate target in force on that date. Newest first.
Applies fromLower deeming rateUpper deeming rateRBA cash rate target in forceSources
20 September 20261.75%3.75%4.35%from 6 May 202613
20 March 20261.25%3.25%4.10%from 18 March 202623
20 September 20250.75%2.75%3.60%from 13 August 202523
1 May 20200.25%2.25%0.25%from 20 March 202023
1 July 20191%3%1.25%from 5 June 201923
20 March 20151.75%3.25%2.25%from 4 February 201523
4 November 20132%3.5%2.50%from 7 August 201323
20 March 20132.5%4%3.00%from 5 December 201223
20 March 20103%4.5%4.00%from 3 March 201023
20 March 20092%3%3.25%from 4 February 200923
26 January 20093%4%4.25%from 3 December 200823
17 November 20083%5%5.25%from 5 November 200823
20 March 20084%6%7.25%from 5 March 200823
20 March 20073.5%5.5%6.25%from 8 November 200623
20 March 20043%5%5.25%from 3 December 200323
20 March 20022.5%4%4.25%from 5 December 200123
1 July 20013%4.5%5.00%from 4 April 200123
20 March 20003.5%5.5%5.50%from 2 February 200023
20 March 19993%4.5%4.75%from 2 December 199823
20 September 19973%5%5.00%from 30 July 199723
23 January 19974%6%6.00%from 11 December 199623
1 July 19965%7%7.50%from 14 December 199423

Reading this chart

  • A rate applies from its start date until the next one starts. Nothing between two dates is estimated or smoothed.
  • Each date on which the lower deeming rate or the upper deeming rate changed is marked on its line. Rates are per cent, as published.
  • Lower deeming rate: Determined by the Minister by legislative instrument under subsection 1082(1) of the Social Security Act 1991, which calls it the below threshold rate. There is no fixed review date. Source: Social Security Act 1991, section 1082 (compilation No. 234, 20 September 2026).
  • Upper deeming rate: Determined by the Minister by legislative instrument under subsection 1082(2) of the Social Security Act 1991, which calls it the above threshold rate. There is no fixed review date. Source: Social Security Act 1991, section 1082 (compilation No. 234, 20 September 2026).
  • The cash rate target is set by the Reserve Bank of Australia and is shown for reference only: it is not a deeming rate. The RBA cash rate target can be hidden with the toggle above the chart; the table and the data files keep it.
  • The Reserve Bank of Australia's next decision: Monetary Policy Board meeting, 2-3 November 2026.

Sources

  1. Services Australia: Deeming (Age Pension)
  2. Department of Social Services: Social Security Guide, 4.4.1.10 Overview of deeming
  3. Reserve Bank of Australia: Cash Rate Target

Cash rate target: Source: Reserve Bank of Australia 2026. Terms of use: RBA Copyright and Disclaimer Notice.

RBA cash rate target: each change from the Reserve Bank of Australia's Cash Rate Target page, with the statement behind it; the latest is Statement by the Monetary Policy Board: Monetary Policy Decision (media release 2026-27), 29 September 2026.

Download the data

  • The rates as CSV and as JSON. Notes for the files, also in the CSV's metadata file:
    • Deeming rates since 1996, with the RBA cash rate target. Retirement Wealth, https://retirementwealth.com.au/charts/deeming-rates/
    • Rates are per cent, as published. Lower deeming rate: Determined by the Minister by legislative instrument under subsection 1082(1) of the Social Security Act 1991, which calls it the below threshold rate. There is no fixed review date. Upper deeming rate: Determined by the Minister by legislative instrument under subsection 1082(2) of the Social Security Act 1991, which calls it the above threshold rate. There is no fixed review date. The cash rate target is set by the Reserve Bank of Australia and is shown for reference only: it is not a deeming rate.
    • reference and reference_from: the RBA cash rate target in force on applies_from and the date it took effect, from the Reserve Bank of Australia's Cash Rate Target page (https://www.rba.gov.au/statistics/cash-rate/). The RBA cash rate target is shown for reference. It is not a deeming rate.
    • Cash rate target: Source: Reserve Bank of Australia 2026. Terms of use: RBA Copyright and Disclaimer Notice (https://www.rba.gov.au/copyright/).
    • Retirement Wealth provides selected factual information about Australian retirement rules and rates. It does not provide personal or general financial product advice or recommend financial products. Summaries may not cover every condition or exception. Check the linked official sources and obtain advice appropriate to your circumstances before making financial decisions.
  • Deeming rate (lower) as JSON (figure page)
  • Deeming rate (upper) as JSON (figure page)
  • Cash Rate Target, as announced as JSON

Cite this chart

Deeming rates since 1996, with the RBA cash rate target. Official sources: Services Australia; Department of Social Services; Reserve Bank of Australia (last checked 18 October 2026). Retirement Wealth, https://retirementwealth.com.au/charts/deeming-rates/

Use this chart

This chart is free to place on another website. The code below has two parts: the chart, and a link to this page as its source.

The embedded chart sets no cookies, stores nothing in the browser, runs no analytics and loads nothing from other sites.

Keep the link to this page with the chart.

Download the chart as an image