Australia’s leading mouthpiece for the ‘grey gouge’, Robert Gottliebsen, has summoned faux rage over Labor’s policy to limit the refunding of excess franking credits:
Bill Shorten has declared that if he is elected those cash franking credits will no longer be paid. Individuals may strongly disagree with what is effectively a new tax, but oppositions and governments have been introducing new taxes for generations. It’s what they do. But this tax has an exit clause. If retired people pool their savings with workers in large superannuation funds (led by industry funds) then the tax paid by the workers can be used to deliver those cash franking credits.
