Tuesday, 12 February 2019
Statements by Members
Today I stand for the 20,000 families of the Northern Beaches of Sydney who will be impacted adversely by Labor's retrospective retiree tax. This is a tax that hurts people on low incomes, a tax that hurts people who seek the freedom to retire without fear of poverty and a tax that punishes people who have done nothing wrong, who have paid their taxes all their lives and who have saved for a proper retirement.
It is a tax that will change the economic structure of Australia, a structure that has seen our economy grow for 28 years in a row. It will make our companies more indebted. It will cost the budget billions of dollars, putting a hole in Labor's policies and their false promises of extra funding.
Who stands to gain from this? It's not the low-income retirees. It's not the people of Australia. It's not the people whose services they are promising to fund, because that money won't be there; it's the large donors of the Labor Party. The industry superannuation funds stand to gain $160 million a year in extra fees from punters who will have no choice.
Labor says they stand up for people who want freedom. They say they stand up for the low-income person but what this policy shows is that they only stand up for themselves.