The government uses deeming rules to work out how much income you earn from your financial assets. Deeming rates assume that you're earning income at a fixed rate, regardless of how much income you're actually getting.
The government counts your Retirement Income account as a financial asset (although there are some exemptions). So your balance will be ‘deemed’ to earn a certain amount of income based on the balance at 1 July each year. If you open your account part way through the financial year, the balance at the start of the account will be used.
Find out how the government works out your deemed income.