Ken Wyatt (Hasluck, Liberal Party, Minister for Indigenous Health) Share this | Hansard source

I thank the member for Brisbane for his question. It is an important question. We're protecting self-funded retirees and senior Australians. We're providing opportunities for them to have 45-year-old and 65-year-old checks to plan better for their economic retirement, for their financial future, for their health and for those necessities in life. This cohort in Australia worked extremely hard in the forties, fifties, sixties and seventies. They've planned for their retirement. They've planned for the years in which they wish to enjoy life with their family.

I was at a seniors forum held by the member for Corangamite. With the local member I listened to senior Australians, who expressed a range of views. One gentleman in the audience just said: 'Keep your hands off our pensions. Keep your hands off our retirement planning. Under a Labor government we will lose money.' Another couple said that they had worked for 20 years and saved. They have driven the same car and have never taken a holiday. They are planning for their years of retirement. They made the comment that they are now terrified of a Labor government taking their hard-earned funds. What they want is certainty. They know the challenge of planning for their future. It is being eroded. They asked me to ask the Leader of the Opposition to reconsider the franking dividend tax, because they want to have better opportunities in life.

Some 900,000 Australians will be affected by your decision and your actions. We do not support Labor's policy to deny refundability of franking credits. Their policy will take thousands of dollars out of the pockets of retired senior Australians who have saved for their retirement. Under Labor's retiree tax, 84 per cent of individuals on taxable incomes of less than $37,000 will be affected and 40 per cent are 65 years or older. Senior Australians are concerned and are raising their voices.

Shadow Treasurer, they want you to pull back on that. They want you to give them the opportunity to enjoy their retirement years. Don't put your hand in their pocket and take their funding. They want to have a quality life. The member for Bowen—

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