Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Hansard source

I thank the member for his question. He is a true champion of his constituents, including his newest constituent, James. He, of course, wants Australians to keep more of their hard-earned income, and that is why this government has delivered an income tax plan to provide relief for all of those hardworking Australians. It is a plan that, once completed, will see 94 per cent of Australians, including in his electorate of Berowra, pay no more than 32½c in the dollar.

Unlike those sitting opposite, we understand aspiration. It is not mystifying for us. But it appears that aspiration is not the only thing that mystifies the Leader of the Opposition, his deputy leader and those opposite. They're terribly mystified by the expression 'the top end of town'. The Leader of the Opposition says that his mega retiree tax will hit the top end of town. But let's examine that for a moment. Beryl, a 64-year-old retiree from Devonport in Braddon, earns a very modest $19,000, including $900 in franking credits. Under their mega retiree tax, she will lose not just one dollar or two dollars but every single dollar. She will lose all $900. Graham, a part-pensioner in Caboolture in Longman, would see his self-managed superannuation fund, which receives $5,300 in franking credits, lose $5,300 under their mega retiree tax.

Let me demystify it for the Leader of the Opposition. These people are not millionaires. They are not 'the top end of town'. Yet, under Labor's tax grab, a high-flying CEO earning millions of dollars per year, with a share portfolio around 50 times the size of Beryl's and franking credits around 10 times the size of Graham's, will lose how much under Labor's their mega retiree tax? Absolutely nothing. Justine Keay, Susan Lamb, the Leader of the Opposition and the Labor Party have turned their backs on retirees. Brett Whiteley, Trevor Ruthenberg and the rest of the coalition team will stand up for retirees and pensioners because we believe in aspiration. We believe in making sure that the people who work hard are rewarded for that hard work and enterprise, and we stand for fairness and equity, unlike those frauds opposite. We on this side of the chamber stand for lower taxes: you stand for higher taxes and can't be trusted.

Mr Conroy interjecting—

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