James McGrath (Queensland, Liberal National Party, Assistant Minister to the Prime Minister) Share this | Hansard source

The coalition government does not support Labor's retiree tax, which will take money out of the pockets of one million Australians, including 230,000 pensioners. Labor's policy will overwhelmingly hit low- and middle-income earners, with 86 per cent of the individuals impacted on taxable incomes of less than $37,000. The coalition government notes the importance of the franking credit in the Australian taxation system. Franking credits represent taxes that have already been paid on behalf of shareholders.