Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

I direct the member to page 33 of Budget Paper No. 2, which sets out the normal process for costing measures, which shows $13.4 billion over the forward estimates. And, as I've indicated, the full cost over the 10 years is $140 billion. He asks about year-on-year costs beyond the forward estimates. I find that passing strange, to use a term of a former Prime Minister from that side of the House, because Labor's retiree tax provides no year-by-year estimates beyond the forward estimates. They provide a 10-year estimate, which is not 100 per cent clear, I have to say, because it's not clear that they've actually factored in the fact that we've got a $1.6 billion transfer balance cap, which means those with higher balances will be able to use more credits. But I find it interesting that, as usual, he is prepared to apply one rule to himself and a different rule to others. What I know about the Labor retiree tax is it's a kick in the guts to retirees. And what I said last night is this side of the House will not go pilfering the tax refunds of pensioners and self-funded retirees—because we think they should be respected. And the Labor Party thinks they should be taxed.

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