Ted O'Brien (Fairfax, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on why it is important to provide older Australians the opportunity to secure financial independence in retirement? How would a higher taxing approach impact their investments and the revenues of charities?

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Fairfax for his question, and I want to congratulate him for the excellent work that he's done on the parliamentary inquiry that's looking at franking credits. Together with the member for Goldstein, the member for Reid, the member for Mackellar, the member for Brisbane and the member for Hughes, he has given an opportunity to more than one million Australians who are going to be hit by Labor's retiree tax to be heard. Today in Parliament House there was a forum on Labor's retiree tax organised by the Alliance for a Fairer Retirement System, with representatives of National Seniors, COSBOA and others. The disgust of these people with Labor's $55 billion retiree tax—a tax that will fall hardest on the lowest income earners in our community, over 80 per cent of whom have a taxable income under $37,000 and over half of whom are women.

We know it's going to affect charities too. We know it's going to affect charities because Cancer Council Queensland said, 'Two of our major donors have advised Cancer Council Queensland that they are unlikely to be in a position to donate if this policy is introduced'—

Matt Thistlethwaite (Kingsford Smith, Australian Labor Party, Shadow Assistant Minister for Treasury) Share this | Link to this | Hansard source

They withdrew it.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Kingsford Smith will cease interjecting.

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

'due to the deniability of the tax deduction.' That is in a letter—

Matt Thistlethwaite (Kingsford Smith, Australian Labor Party, Shadow Assistant Minister for Treasury) Share this | Link to this | Hansard source

They withdrew that submission.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Treasurer will pause. The member for Kingsford Smith will leave under 94(a). I ask you to cease interjecting and you look at me and keep interjecting. I don't know what you expect me to do.

The member for Kingsford Smith then left the chamber.

The Treasurer has the call.

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

That is in a letter from Cancer Council Queensland. It is very clear. At today's hearing there were many stories, including from Norm, who is in 80s, and his wife, Margaret, who he called across the table 'his sweetheart'. He told the forum that they have contributed all their lives to the community—paying their tax and saving for their retirement. Now they are totally reliant on savings which provide them with an annual combined income of $60,000. But under Labor, their income will drop to $47,000—a $13,000 hit. 'We will survive,' Norm said, 'but the thing that incenses me is what is happening and how it is happening.' There's only one side of this parliament, there's only one side of politics—the Liberal and National Parties in government under this Prime Minister—that is standing with retirees, that won't tax them into oblivion, that won't break a 20-year consensus on franking credits and that will ensure that they can continue with their quality of life. Only the coalition can be relied on to deliver lower taxes.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Manager of Opposition Business is seeking to table a document?

Mr Tony Burke (Watson, Australian Labor Party, Manager of Opposition Business (House)) Share this | Link to this | Hansard source

That's right. The Treasurer referred to a submission from Cancer Council Queensland in his answer. I seek leave to table their retraction.

Leave not granted.