IT now looks very likely that we will have a change in government in 2019. After Joe Hockey's changes to the assets test, which penalised all those who worked and saved for retirement, thousands flocked to independents and small parties. This wasn’t an attack on the wealthy, it was an attack on the working middle class.
Now Bill Shorten is proposing tax changes on negative gearing and capital gains tax (which will hurt the building industry and cost jobs) and the removal of cash franking credit entitlements, which will hurt over 1.5 million retirees, and also super funds, which will affect all workers.
Labor maintains it is a tax on the wealthy, and will generate great wealth, but the wealthy have access to accountants who can change their investment strategies so they can retain their franking credits.
No, the ALP franking credit removal is a tax on the battler, the low income retiree, the working middle class. This is a particularly punitive tax on the lower income retiree and research has shown that the working middle class will need to boost their superannuation by at least nine per cent to make up this shortfall.
However, there is still a chance the Liberals may win under Scott Morrison, who I believe is the best prime minister we have had since John Howard. All Mr Morrison needs to do is to win back the retiree/senior vote he has lost.
Self-funded retirees have been asking for access to the pensioner concession card for years. Many self-funded retirees are actually worse off financially than some pensioners.
Hockey promised that those part-pensioners affected by changes to the assets test would retain their PCC. This turned out to be a lie.
Then Turnbull promised the same, but he cut it off after only one day, and only a select few received it. It has been decided that a reasonable time would have been at least three years.
Federal member Andrew Gee, if you are able to ensure that all self-funded retirees affected by changes to the assets test extended to at least three years, or better still extended to all self-funded retirees, then this will ensure that Scott Morrison will continue as our prime minister.
Mr Gee, if you continue to do nothing, then you are ensuring Shorten's victory, and some financial advisers are predicting the run on our shares, banks, etc could result in another recession.