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Over 7,500 Wannon residents would be punished by Bill Shorten and Labor’s Retiree Tax.

On average, individuals affected would lose $2,200 a year. Those with self-managed super funds would lose around $12,000 a year. For many, their losses will be much higher.

Labor’s retiree tax changes the goal posts and punishes those who have worked hard and saved for retirement. This policy is short-sighted and would increase reliance on the Age Pension. All the retiree tax will do is hurt Australians.

According to Australian Taxation Office data, more than 900,000 Australians, 200,000 self-managed super funds and 2,000 super funds would be hit by Labor’s Retiree Tax.

Most people who are affected are on modest incomes, like the retired teachers who went public saying the tax would take $8000 off their combined retirement income. Some people have expressed to me their concern about how they will pay their bills.

Others say they’ll need to sacrifice things like going out for a meal or contributing to local charities.

We need a Government that encourages hard work and saving. I am standing up for our retirees in Wannon.

The people of Wannon deserve a Government that encourages personal responsibility, rewards hard work and allows them to keep more of what they earn.

Unfortunately, Labor can’t manage money, so they’ll end up coming after yours.

The new tax on retirees is part of Labor’s $200 billion in higher taxes – on retirees, housing, incomes, investment, family businesses and electricity.

By contrast, the Morrison Government is delivering a stronger economy and lower taxes, so Australians keep more of what they earn and save. We will also protect the savings of local retirees and all Australians. The Morrison Government has a plan that will make sure you have more to retire on not less.

 

Media contact | Cate Mercer-Grant 0408 564 232 | cate.mercer-grant@aph.gov.au

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WORKING HARD

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