Federal Member for Flynn, Colin Boyce has slammed the Albanese Labor Government’s decision to break its promises on changes to franking credit policy.
“Before the election both the Prime Minister and the Treasurer promised Australian retirees and investors that there would be no changes to franking credits,” Mr Boyce said.
“An inquiry in April 2019 showed that abolishing refundable franking credits will 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 they will lose.
“It will force many people, who have saved throughout their lives to be independent in retirement onto the Age Pension including in the Flynn electorate. This undermines any objective that it may raise revenue and reduce dependence on taxpayers resulting from an ageing population.
“Despite ruling out this 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 have 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.
“Every Australian benefits from the franking credit system – whether through their own investments or their super fund.
“Australians deserve certainty when planning their investments and their retirement, and Australians do not deserve to be taxed twice.”