Colin Boyce (Flynn, Liberal National Party) Share this | Link to this | Hansard source

Before the election, both the Prime Minister and the Treasurer promised Australian retirees and investors that there would be no change to franking credits. An inquiry in April 2019 showed that abolishing refundable franking credits would unfairly hit people of modest incomes who have already retired and who are unlikely to be able to return to the workforce to make up the income that they will lose. It would force many people who have saved throughout their lives to be independent in retirement onto the age pension. This would undermine any objective of raising revenue and reducing dependence on taxpayers resulting from an ageing population.

Despite ruling out the policy back in March 2022, Labor has broken a key election promise and hit retirees and investors with a new $555 million tax, depriving investors of franking credits that they had previously relied on, especially for retirement security. This is the second change to franking credits since the election and a clear breach of trust with the Australian people. I do not support these changes, and Australians do not deserve to be taxed twice.