Jason Falinski (Mackellar, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline for the House what the Morrison government is doing to assist older Australians and those planning for their retirement during this pandemic? Is the Treasurer aware of any alternative policies?

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

I thank the member for Mackellar for his question and I acknowledge his extensive background in small business, the health sector and also the financial services sector before coming into this place. Australians are doing it tough in this once-in-a-century pandemic, particularly older Australians: those who are either in retirement or planning for retirement. That's why the Morrison government has acted, with $750 cash payments—one that started on 31 March and another to come in July—that have been supporting more than two million pensioners. We've also reduced the drawdown rates by 50 per cent to give retirees more control over their savings. We've also reduced the deeming rates by 0.75 per cent so at the lower level they are at a quarter of one per cent. The Council on the Ageing has welcomed these measures and said that the government is helping to get senior Australians through this crisis.

I'm asked about any alternative policies. Well, I know that the member for Rankin was the architect of $387 billion of higher taxes. Do you remember those higher taxes? The member for McMahon said of those taxes: 'if you don't like them, don't vote for them'. The $387 billion of higher taxes that the member for Rankin—who keeps his head down—said he was pleased and proud of. He was so pleased. Do you remember that photo on the eve of the election under the heading, 'We're ready'? You can ask yourself, how would senior Australians fare with those taxes—

Opposition Members:

Opposition members interjecting—

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

The member for Rankin and the member for Deakin.

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

Well, there was $34 billion of extra taxes on super. There was $31 billion of extra taxes on housing. And there was a $57 billion retirees tax that would hit some one million Australians—including around 7,000 in Eden-Monaro—and would leave those Australians on average $2,200 a year worse off. It would have heavily hit women and lower income earners. The Alliance for a Fairer Retirement System said Labor's policy was a 'cruel blow', the end result of which would be to 'drive many retirees on to welfare'.

Now, I read today that the member for Rankin is blaming the media for his irrelevance. How delusional and desperate can you get? He didn't ask me a question all last week and he hasn't asked me a question this week. The member for Rankin has his eyes on only one job, but he can't even do his.