Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

This was a policy that the Labor Party backed for two decades when it served their interest and now it's a policy they're abandoning because they're desperate for cash. Kevin and Jan live in regional Queensland, where their family home of 32 years is valued at $300,000—at most, hardly in the wealthy class. They say:

The removal of the franking credit refund will reduce our income by a significant amount. We use this income to live off, maintain our home, to travel to see our children interstate and have a yearly camping holiday, not in a large van but in a second-hand four-wheel drive in remote rural Australia where we spend in local communities. The loss of the franking credit refund will seriously affect the quality of our lives.

Opposition members: How much?

Those opposite scream out 'how much?' Well, let me tell you. On average, the 900,000 individuals will lose $200,000 and up to 200,000 self-managed super funds will lose on average $12,000. Now the Labor Party is coming after their hard-earned savings. The member for McMahon says if you don't like the party, if you like the policy—you don't have to like the party—don't vote for the Labor Party. I can tell you that Kevin and Jan and Rose and all those other Australians who have gone to the parliamentary committee to have their voice heard are now making their concerns known about Labor's dreaded retiree tax. Only one side of politics, the Liberal and National parties in government, will stand with a million retired Australians. (Time expired)

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