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

I thank the member for Mackellar for his question and I acknowledge his extensive background in small business, the health sector and also the financial services sector before coming into this place. Australians are doing it tough in this once-in-a-century pandemic, particularly older Australians: those who are either in retirement or planning for retirement. That's why the Morrison government has acted, with $750 cash payments—one that started on 31 March and another to come in July—that have been supporting more than two million pensioners. We've also reduced the drawdown rates by 50 per cent to give retirees more control over their savings. We've also reduced the deeming rates by 0.75 per cent so at the lower level they are at a quarter of one per cent. The Council on the Ageing has welcomed these measures and said that the government is helping to get senior Australians through this crisis.

I'm asked about any alternative policies. Well, I know that the member for Rankin was the architect of $387 billion of higher taxes. Do you remember those higher taxes? The member for McMahon said of those taxes: 'if you don't like them, don't vote for them'. The $387 billion of higher taxes that the member for Rankin—who keeps his head down—said he was pleased and proud of. He was so pleased. Do you remember that photo on the eve of the election under the heading, 'We're ready'? You can ask yourself, how would senior Australians fare with those taxes—

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