More than 4,640 people in Mitchell will benefit from a multi-million dollar boost across the next four years following the Morrison Government’s decision to cut deeming rates.

Federal Member for Mitchell, the Hon Alex Hawke MP said the decision will make a difference to the lives of people in Mitchell.

The lower deeming rate will decrease from 1.75 per cent to 1.0 per cent for financial investments up to $51,800 for single pensioners and $86,200 for pensioner couples. The upper deeming rate will be cut from 3.25 per cent to 3.0 per cent for balances over these amounts.