Warren Entsch (Leichhardt, Liberal Party) Share this | Link to this | Hansard source

My question is to Treasurer. Will the Treasurer update the House on the impact any changes to franking credit refunds would have on our senior Australians, many of whom are in my electorate, who have worked hard to ensure their financial independence?

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

I thank the member for Leichhardt for his question. He is fighting hard for the 4,463 people in his electorate who would have their money and retirement savings ripped away by the Labor Party. Retired Australians are a valued and important part of this Australian economy, an Australian economy where unemployment has come down to five per cent, the lowest in eight years. And, as the Prime Minister told the House, more than 64,000 fulltime jobs were created in the last month, and the female participation rates are up. On this side of the House, we've created more than 1.2 million new jobs and have put the Australian economy in a strong position.

But just earlier this week, the member for McMahon went on 7.30 and told the Australian people that the Labor Party would not change one bit their dreaded retirees tax. He said they wouldn't change it one bit. And would you believe that the member for Rankin, who wants the member for McMahon's job now, has actually said he's pleased and proud about Labor's retirees tax—pleased and proud—and that the member for McMahon has told all those one million-plus Australians who are going to be hit by the retirees tax that if they don't like their policy, don't vote Labor. Well, one of those people who the member for McMahon has insulted is Helen. Helen told the parliamentary committee:

I'm writing to express how unfair I feel the ALP's refundable franking credits policy is, should it be implemented. My husband and I have a self-managed super fund and we stand to lose 20 to 30 per cent of our income. We don't have a large fund, but that equates to $8,500 a year. We do not receive a full or part pension.

Helen said:

My husband, who turns 70 next year, works part-time mowing lawns to supplement our income. That $8,500 is large for us.

The member for McMahon dismisses that $8,500. He dismisses Helen. He dismisses the one million-plus Australians who are going to be hit by the retirees tax. This dreaded retiree tax is going to fall hardest on women, over half of whom are affected and many of whom are over the age of 60. Only one side of politics, only one side of parliament—this Prime Minister and the Liberal and National parties in government—will stand with retirees and do everything we can to stop the Labor Party raiding their savings with their dreaded retirees tax.