Andrew Hastie (Canning, Liberal Party) Share this | Link to this | Hansard source

As those on this side of the House know, Labor's proposed retiree tax is an absolute shocker. By abolishing tax refunds on share dividends, the opposition leader is taking money from self-funded retirees to bankroll his own ridiculous policies. But what I want to highlight this afternoon is the hit that Labor's tax would be to my community in Canning.

Canning is home to around 5,000 retirees who currently benefit from the franking credit system. They stand to lose big if Labor wins government, and they are worried. I've met some of them and many others have written to me. Peter from Halls Head said he will lose $30,000 a year under Labor's tax grab. Ian and Maxine from Falcon will lose $50,000. Alan from Greenfields will lose $40,000 per year. Their retirement plans are being shredded, and the flow-on effect of Labor's tax will go even further.

Local business owners in my community are worried. They know Labor's retiree tax will mean less money in our community, which will mean fewer shoppers willing to spend in their businesses. Canning small-business owners are staring down the barrel of 5,000 people thinking twice about purchases they would otherwise make. They know these retirees will have to think twice about going out for a coffee, spending at local shops or hiring a tradesman. Our community, its small businesses, seniors and families cannot afford a Labor government.