Via The Australian:
Veteran fund manager Geoff Wilson has warned that “everything is on the table” when the government looks for ways to pay for its massive spending spree to support the economy in the midst of the coronavirus pandemic. But he cautioned against a second attempted raid on franking credits to pay off the blowout in the national debt.
Mr Wilson, who led the charge against the policy to remove dividend imputation that Labor unsuccessfully brought to the last election, said any policy to help pay off the debt now being accrued had to be logical, equitable and fair. But ending franking credits still wouldn’t make sense as doing so would starve Australian companies of capital and force many investors to send their money offshore, he said.
He said robbing investors of franking credits would also come at a time when Australian companies desperately needed capital to employ Australians and pay tax.
Great to see Wilson getting ahead of the post-virus new world order with a strong assertion of community values to help guide reconstruction efforts.
