Many retirees I've spoken to in Indi have structured their affairs in accordance with current laws and I am very concerned that these people who rely largely on modest refunds will be caught out by Labor’s proposed changes. They have set up their retirement investments years ago in accordance with the law and they are proud to be self-financing their retirement. We should not be penalising these retirees who have worked for many years to save for their retirement.
- I am opposed to Labor's franking credits policy in its current form.
- Labor has confirmed that if elected they will pursue this policy so in that event, changes to the franking credit system are inevitable. For that reason I believe a compromise is necessary and with amendments we can prevent average retirees from being penalised unfairly. If Labor introduce a Bill to Parliament I will push for amendments to cap franking credit refunds to $15,000 per year rather than eliminate them entirely. That way the vast majority of average retirees are not penalised by Labor's policy.