Policy needs a rethink
Collateral damage in military terminology is the deaths, injuries or other damage inflicted on an unintended target, for example bombing a children’s hospital instead of the intended munitions factory. This term is very relevant to Labor’s proposed policy to scrap refundable franking credits.
While Labor may not be killing anyone, they will be ruining the lives of a large number of hard-working, thrifty Australians.
While the intended target of the proposal is supposedly a ”small number of high-wealth” retirees it will also cause collateral damage to around two million ordinary people, self-funded retirees, older workers, children, middle and low income earners who would lose up to 30 per cent of their income from 1 July next year. It may not be what Labor intends, but it will happen.
abor says the change would have most impact on a small number of individuals and SMSF members earning high income. This is debatable as high wealth individuals will just change their investment strategies and priorities so that they retain their franking credits. If you have sufficient wealth this is not hard to do. Note the term: “most”.
In reality the policy will also hurt many thousands of older Australians, just ordinary hard-working, self-funded retirees.
This will particularly affect those who just miss out on an aged pension (a number which increased after the Coalition made changes to the pension last year).
These people will be collateral damage.
This flawed and unfair policy will hurt more older self-funded retirees than the wealthy and needs to be rethought.
Len Shefford Thurgoona
Thanks for the help
Thank you to the little girl who picked up our car keys at a cafe in Albury on Thursday last week and later gave them to her Daddy, who returned them to the cafe. Thanks so much.
Joe and Gloria Malouf, Indigo Valley
Liberals are lost
The Liberals have lost badly at the election in Victoria and they now need to have a long hard look at who they are and who they represent.
The result in Victoria is a real worry for all in Australia because we need two parties that are strong and definite about their direction and policies to keep Australia in good place.
The Liberals have lost their way and are damaged by the splits internally and the powers of the religious right who care little about the party and its importance to Australians.
It is now time for a new party that sits removed from the far right. Australia needs strong effective opposition, not the survivors that will form opposition. As for the Nationals they have failed regions and regions will be easily overlooked yet again. The Nationals have been rejected for who they are and how little they do.
The message is out there now for what the federal Liberals can expect and the NSW Liberals as well unless some big reviews and changes are embraced and the damaging aspects of the party shut down and shut out.