Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. During the federal election campaign the now Prime Minister and now Treasurer promised there would be no changes to Australia's franking credits regime. In January 2021 he said, 'I can confirm Labor will not be taking any changes to franking credits to the next election.' Does the recent budget measure titled 'Improving the integrity of off-market share buy-backs' involve changes to franking credits?

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

The measures that were announced in the budget are completely unrelated to the proposed changes to dividends in the 2019 election, which, as those in this place know, we did not take to the 2022 election.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Smith, a first supplementary?

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

It is correct that this budget measure will see retirees and investors pay $550 million in extra tax?

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

I'll refer the member to the figures outlined in the budget papers.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Smith, a second supplementary?

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

The budget measure clearly says $550 million in extra tax—

Sue Lines (President) Share this | Link to this | Hansard source

Senator Smith, was this your second supplementary?

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

No, it wasn't.

Sue Lines (President) Share this | Link to this | Hansard source

I've invited you to make your second supplementary.

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

Can the minister rule out further changes to the franking credits regime under this government and can the minister explain how retirees can trust anything this government says given its broken promise on franking credits?

Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Link to this | Hansard source

There's no broken promise on franking credits. The measures that the government has agreed to around focusing on tax loopholes have been announced in the budget.

Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

I ask that further questions be placed on notice the Notice Paper.