Dan Tehan (Wannon, Liberal Party, Minister for Education) Share this | Hansard source

There are interjections about money. Well, as I've said, we've invested in early childhood education every single year—in 2015 it was 405, in 2016 it was 415, in 2017 it was 425, in 2018 it was 428 and in 2019 it was 440. But there is an important difference. Our investment comes from being able to provide a strong economy. How are the Labor Party going to pay for their investment? With $200 billion of new taxes. And what will that involve? I think it will involve taxing people like Adrian Sumner. He says: 'My wife and I are both retired teachers from the Victorian state government school system. We live in a regional Victorian city in a modest home. We are self-funded retirees and receive a combined Emergency Services and State Superannuation pension of approximately $1,100 per week and believe we would be classed as middle-class in terms of income. Because of our superannuation income we are not entitled to the age pension, despite having contributed through the taxation system towards this throughout our working lives. I am a holder of a Commonwealth Seniors Health Card. During our working lives we were both members of the Australian Education Union. Since 1980 we have had in place a long-term plan to supplement our income during our working lives and in retirement through investing in the Australian share market. The effect of not allowing us a cash refund of franking credits would result in an approximately one-third reduction in income from our Australian shares, effectively, a combined $8,000 per annum loss of personal income. The Australian Labor Party's proposal to remove a cash refund from franking credits for self-funded retirees is unfair. A probable outcome would be the divestment of all our shares in Australian companies that provide franking credits. This will most likely trigger a capital gains tax event. We would then probably examine investing in global investments with a high capital growth and gradually sell down as the need for capital is required for expenses, such as aged care et cetera'

Dr Leigh interjecting—

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