Prime Minister Scott Morrison has responded decisively to the increasing frequency and severity of bushfires in Australia, promising not to scrap franking credits for wealthy retirees.
As fires raged along Australia’s east coast, Mr Morrison said scrapping franking credits is essentially like introducing a tax on retirement.
“There are fires burning across half the country and it’s November. What we can’t do is just sit back and ignore the fact the Opposition wants to raid retiree’s savings and put a tax on hard work,” Mr Morrison said.
“The truth is that all the evidence points to the fact that people will lose their livelihoods if we fail to act on protecting tax-free franking credits”.
The PM rejected claims that now was not the right time to talk about the issue. “If we can’t talk about a tax on retirement now, when is a good time to talk about this?”