Recovery set to ramp up

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An economic recovery is now underway in Australia and the next set of national accounts should show growth returned in the December quarter. We expect the economic recovery to ramp up over 2022 and above-trend growth to materialise with a very encouraging development is the household savings ratio. It surged to nearly 20% in the September quarter to be just shy of the record high posted last year. Find out more from our analysis and whether the emerging Omicron variant of COVID-19 will hinder next year’s growth rate. 

Economic Insights - 2 December 2021
Most income streams are sourced from account based pensions and insurance companies (annuities) with the same and concessional tax structure for both.
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The rate of social security payments are affected by an asset and income test. Generally, the test that results in a lower payment is what determines the rate payable.
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A Regulation has now been registered to increase the age when the work test will apply to 67 and also the upper age limit for spouse contributions to 75.
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