Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Farrell. The February 2023 Tax Expenditures and Insights Statement reveals $67 billion of franking credits was distributed by Australian companies in 2019-20. Can the minister tell the Senate how many billions of these funds from franking credits went to Australian charities and nonprofits, and how many charities with the beneficiaries of this important and necessary franking credit income?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Smith for his question. I personally don't have the breakdown of franking credits that went to the organisations that you referred to. I am happy to make some inquiries to see whether or not that information can be broken down or does exist in some place so that I can come back to you with an appropriate answer to your question.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Smith, a first supplementary?

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

Can the minister explain to the Senate, then, how the government's changes to franking credits will apply to the income-earning investment of charities?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

(—) (): I thank Senator Smith for his first supplementary question. My understanding of this issue is that there is no change, but I will follow that up with the finance minister. I say this: given that we are fortunate in the Senate to actually have the finance minister present, then, of course, these questions might be better directed towards the finance minister. That would save me having to come back with answers to you. Can I suggest that it might be more appropriate in the future that those sorts of questions be directed to the minister who is responsible for them. (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Smith, second supplementary?

Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Link to this | Hansard source

Noting that Senator Farrell is the Leader of the Government in the Senate, and this is the government's policy, the national charities sector is fighting to meet unprecedented demand because of the Albanese government's mismanaged cost-of-living crisis. How much will your franking credits broken promise cost Australian charities?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Smith for his second supplementary question. I completely reject the accusation in your question that the issues that charities are dealing with, at the moment, have anything to do with the policies of the Labor government. It's this Labor government that's putting downward pressure on the cost of living. How many times in the last week and a half have I explained the downward pressure that we are putting on things like electricity prices? How many times?

Opposition Senators:

Opposition senators interjecting—

Sue Lines (President) Share this | Link to this | Hansard source

Minister Farrell, please resume your seat. Order! Minister, please continue.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

They don't want to listen to all of the things. They don't want to listen to the ways in which this government is putting downward pressure, and that ought to be— (Time expired)