The Reserve Bank of Australia’s interest rate cut to 0.1 per cent has not been so warmly welcomed by self-funded retirees.

National Seniors Australia chief advocate Ian Henschke told Jim Wilson lowering the upper deeming rate, and expanding the pension loan scheme would go some way to remedying the issue.

“When we survey our National Seniors members … the vast majority of them have got a sizeable portion of their retirement savings in the bank, because they feel secure.

“If you’re an older Australian … and you’re relying on some of the income coming in from bank interest … I think the government does actually have to seriously think about this thing I’m talking about.”

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