Michael McCormack (Riverina, National Party, Leader of the Nationals) Share this | Hansard source

You can see how they start yelling whenever a member talks about regional Australia. Those opposite have a reckless approach to regional Australia. They don't care about and do not have any policies for regional Australia. They are completely reckless.

We back those who are having a go. We back them with tax relief—on your income, on your business—and we are working hard to bring down power bills. We understand that Australians work hard, and we want to back them—and we are backing them. When we wanted to cut income tax, what did Labor do? They voted against it. When we wanted to cut small business tax, Labor voted against it. They postured; they backflipped; they waited.

Mr Bowen interjecting—

Yes, that's right—they did, member for McMahon. Now they're plotting tax rises—

Opposition members interjecting—

You did, as far as the eye can see—on your business, on your property, on your income, on your electricity bill and bringing the big sledgehammer to retiree savings. Jolyon Forsyte is 88 and he lives in Mackay. His wife, Enid, is 84. They are retirees who have worked hard, who have saved hard, who use those franking credits for that holiday, that painting of the house, that little bit of extra money. They have saved their money. They have invested in fully franked shares so they can take advantage of no double taxation on the dividends. Their taxable income in 2016-17 was around $72,000, so they don't consider themselves wealthy. Under Labor's policy of smashing retiree savings, they will miss out on an imputation refund of around $11,000, which means a lot of money to their income and their lifestyle. It is enough to make even the member for Rankin cry! Jolyon only stopped earning a salary at the age of 85. He has never claimed a pension. These are the people we back, these are the people we support. These are the people Labor want to take a big sledgehammer to. They want to whack them. They want to absolutely recklessly—

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