Andrew Gee (Calare, National Party) Share this | Hansard source

Yes. As the member for Dawson knows, it is jaw-dropping hypocrisy, especially when you consider the raid that those opposite are perpetrating on the retirement savings of ordinary Australians. They are coming like thieves in the night. Make no mistake about it, they are coming for the money of hardworking Australian retirees, about 900,000 of them.

On the weekend I went to the Eugowra Show. On the way to the Eugowra Show I passed a place called the Escort Rock, which in 1862 was the scene of Australia's biggest gold heist, perpetrated by Frank Gardiner and Ben Hall. It still is Australia's greatest gold heist, but that heist has nothing on the heist that those opposite are about to perpetrate on Australia's retirees. They're planning to snatch $56 billion from Australia's hardworking retirees. It's a stick-up job on 900,000 Australians who have saved in good faith, served their country, paid their taxes and are entitled to retire on the incomes that they've planned for. It's not going down very well for them. The retirees are not happy.

For example, John Kalkman, who is a former vice-president of the Australian Investors Association—most of whose members are self-funded retirees—said, in The Australian Financial Review, that seniors of modest means would suffer if Labor's changes came to pass, not the rich. Then The Australian Financial Review goes on:

"This policy treats some retirees very unfairly it creates perverse incentives for some to give up their self-reliance in retirement and allow the taxpayer to take responsibility for their income, healthcare and age care," he said.

Mr Christensen interjecting—

It is shameful. John goes on to say:

They are offended at the misrepresentation with the sneering suggestion that all self-funded retirees are multimillionaires who are using a tax rort at the expense of hard-working Australians.

It is a sneering suggestion. If you look at the figures though, John, I think you're right. Check out the figures, because who is going to be hit by the $56 billion tax heist? Low-income earners. More than half a million Australians on taxable incomes of less than $18,200. Yes, just over 40 per cent of individuals impacted are 65 years old or older, so big hits there. It overwhelmingly hits low- and middle-income earners. Eighty-five per cent of the individuals impacted are on taxable incomes of less than $37,000—

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