Tim Wilson (Goldstein, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on how the government is giving older Australians the opportunity to secure financial independence in retirement?

Mark Dreyfus (Isaacs, Australian Labor Party, Shadow Attorney General) Share this | Link to this | Hansard source

How are your shares going?

Tim Wilson (Goldstein, Liberal Party) Share this | Link to this | Hansard source

And is the minister aware of any—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Goldstein will resume his seat. The member for Isaacs will leave under 94(a). The member for Goldstein will begin his question again.

The member for Isaacs then left the chamber .

Tim Wilson (Goldstein, Liberal Party) Share this | Link to this | Hansard source

Thank you, Mr Speaker. My question is to the Treasurer. Will the Treasurer update the House on how the government is giving older Australians the opportunity to secure financial independence in retirement? Is the minister aware of any higher-taxing approaches that would impact their secure retirement?

Mr Brian Mitchell interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Lyons has already been warned. He knows what to do.

The member for Lyons then left the chamber .

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

I thank the member for Goldstein for his question. I want to say what a fantastic job he has done chairing a parliamentary committee. What a fantastic job he has done. The member for Goldstein has given a voice to the deep concerns of the over one million Australians that the Labor Party want to silence with their great big retirees tax. It's a $55 billion retirees tax. He is giving a voice and an opportunity to be heard to one million-plus Australians across the country and to the over 11,000 in his own electorate who will be affected.

Mr Speaker, when you read the stories and hear the stories of the people who are being affected by Labor's dreaded retirees tax it actually brings home how callous the Labor Party is and how the Labor Party is ignoring the concerns of hardworking Australians who have done nothing wrong except diligently plan and save for their own retirement. These are Australians like Adrian, who said the following: '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. During our working lives we were both members of the Australian Education Union. The effect of not allowing us a cash refund of franking credits would result in approximately a one-third reduction of income from our Australian shares, effectively a combined $8,000 per year loss of personal income. The ALP's proposal to remove a cash refund of franking credits from self-funded retirees is unfair.'

They're the words of former members of the Australian Education Union. They're the words of people of whom the member for McMahon said, 'If you don't like our policy, don't vote for us.' They're the words of people that the Labor Party is ignoring and dismissing and no longer caring about. These are hardworking Australians who have done nothing wrong except save for their own retirement. There's only one side of politics that stands on their side, and it's the coalition under this Prime Minister.