Despite mounting evidence of the devastating impact Labor’s franking tax changes will have in slashing the income of nearly a million senior Australians, Bill Shorten has declared Labor is “not for turning” and his Shadow Treasurer Chris Bowen has dismissively said “they’re entitled to vote against us”.
If Labor can be so callous about our seniors, those who’ve worked hard all their lives and contributed to our nation, what will they do to others in our community?
Labor are behaving like they’ve already won the election and they don’t need to care about how their badly thought-out policies will affect voters.
Labor’s policy is an attack on our seniors with far reaching consequences. More than 1,000 submissions have been made to the Parliamentary Enquiry, with damning evidence from experts and individuals on the scale of the impact. Many people stand to lose up to a third of their income, and many more will be forced onto welfare. But Labor has shown they are completely unmoved and don’t care.
It’s a wake up call to all voters – not just those directly affected – about what we can expect from a Bill Shorten led Labor Government. If your not important to them, you’ll be targeted.
There’s also growing evidence that Labor’s policy will also have much wider ramifications, with the Australian Stock Report reflecting on the impact that the policy will have on the price of Australian shares held by mum and dad investors. They recently advised:
“Besides the animosity from investors who feel that the goal posts have been moved again, the other factor that Share Investors need to understand is that these changes could drag share prices lower, drawing possibly billions from our market.
Citigroup's analysts found that as franking credits made up a large proportion of the value of the major banks, any changes to the system would flow through to shareholders. Citigroup estimates its 12-month target share price for the Commonwealth Bank could slip from $72.05 to as low as $63.84, NAB's target price could fall from $31.12 to $27.21, Westpac's from $29.87 to $26.18 and the ANZ's from $30.19 to $26.89.
The average Australian Investor is now asking themselves what they can do to protect their Income when the market looks uncertain.”
This isn’t about the profits of the banks or BHP or any other company – this is about ordinary Australian investors, mums and dads, seeing the value of their investments tumble.
This is no longer just an issue for self-funded retirees. It’s an issue for all of us – with the Australian share market set to be hit and the goal posts moving again for the superannuation sector. Yet Labor seems unwilling or unable to comprehend just how devastating this policy will be.
Labor needs to realise that their policy is extremely unfair and will have a much wider impact. Australian voters are getting an insight into what Labor is prepared to do to fund their promises to the unions and special interest groups. If seniors can be so callously targeted and arrogantly dismissed, imagine what Labor will do to the rest of us!