“The constant changing of tax rules kills incentive for hard work. The result of an individual’s hard work benefits all Australians,” he told the forum, held in the marginal seat of Swan where Labor has pre-selected Kim Beazley’s daughter Hannah to take on Liberal MP Steve Irons.
“Already my children and grandchildren are stating ‘what is the point of working any harder to prepare for a better future when governments will merely find ways to take it off you at the end.
“This is not the attitude I want them to have and is not the attitude required to continue building a prosperous Australia.”
Others said the policy was causing high levels of stress and might have contributed to a heart attack.
Retired farmer Bruce Watson said it was a matter of pride for many people that they had never relied on the public purse. He said the policy would lead to bigger pension and part pension payments.
The federal opposition remains unmoved by the dozens of emotional first-hand accounts from self-funded retirees who stand to lose income under the party’s franking credit policy.
Labor MP Matt Keogh said he was “more committed than ever to the policy” after hearing from a string of angry retirees as a member of a parliamentary inquiry into the issue.
Mr Keogh said many of those speaking out at the controversial inquiry’s community forums were misinformed and didn’t understand the policy or its ramifications.
“There is a misconception that pensioners with a personal shareholding will be affected. Pensioners will be completely unaffected by the changes, whether they are on a full or part pension. They can continue to access cash refunds from excess dividend imputation credits,” he said.
Mr Keogh said Labor was working to address a Liberal scare campaign about the plan to abolish refundable franking credits to save nearly $6 billion a year.
Mr Keogh said many of those attacking the policy talked about a reduction in income without disclosing the size of their superannuation accounts.
Earlier Liberal MP Tim Wilson, whose running of the house economic committee inquiry has come under fire, broke with protocol when he allowed Mr Keogh and fellow ALP committee member Josh Wilson to answer a question from retired businessman Nicholas Smith.
Asked if they were conflicted by opposition leader Bill Shorten and shadow treasurer Chris Bowen’s “not for turning” commitment to the policy, Mr Keogh said the question went to the heart of the political nature of an unprecedented inquiry being run by the government into an opposition policy.
The opposition has called for Mr Wilson to quit as head of the committee over his promotion of the stoptheretirementtax website and links to prominent investment manager and franking policy critic Geoff Wilson.
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