Concetta Fierravanti-Wells (NSW, Liberal Party, Minister for International Development and the Pacific) Share this | Hansard source

I think the only thing that's misleading is you and your policy, where you have declared war on pensioners and retirees, many of whom will be thousands of dollars a year worse off. You plan to double-tax pensioners and retirees in a bid to bail your leader out of a budget black hole that he cannot pay for. But guess what? There are exemptions. And despite taking money off pensioners and retirees, he is exempting union slush funds connected with the CFMEU and other Labor-aligned bodies. This means that groups associated with big unions will continue to receive franking credit refunds but many pensioners and retirees won't.

Labor's latest tax grab does not target wealthy retirees. More than half of all refunded franking credits are paid to individuals who earn less than the $18,200 tax-free threshold, including pensioners and self-funded retirees. Ninety-seven per cent of people who receive franking credit refunds have a taxable income below $87,000—people who have worked hard, saved hard and paid tax.