The Alliance for a Fairer Retirement System noted the recent announcement that the Government intends to establish a Retirement Income Review as recommended by the Productivity Commission in its recent inquiry. The Alliance supports the proposed Review and would like to suggest items to be considered in the terms of reference for the inquiry plus some background discussion on those items. However, no change should be made that leaves the vast majority of current retirees in a worse position than they are today.Read More
An important objective for government is to encourage older Australians to save for retirement and to support the majority of retirees (58%) who take pride in being either fully or partly self-funded in retirement. This majority includes many self-funded retirees and almost half of the current 1.1 million SMSF trustees who are either in the pension phase, or who will move into that phase shortly.Read More
Labor has released its election costings that show its spending promises will largely be funded by cuts to the incomes of retirees and other lower income shareholders to the value of $58 billion over the next decade.
“The Labor Party’s refundable franking credits proposal does not target the wealthy,” says Professor Deborah Ralston, a spokesperson for the Alliance for a Fairer Retirement System. “The vast majority of individuals affected, who receive a refund of less than $5,000 a year, would not be considered wealthy by most Australians.”Read More
The Labor Party’s refundable franking credit proposal will adversely affect pensioners who choose to use a self-managed superannuation fund (SMSF) to manage their retirement savings, says Professor Deborah Ralston, a spokesperson for the Alliance for a Fairer Retirement System.Read More
A parliamentary committee recommendation not to remove refundable franking credits should prompt the Labor Party to revisit this proposal if it wins office after the next federal election, says the Alliance for a Fairer Retirement System.
The House of Representatives Standing Committee on Economics, which handed down its Report on the Inquiry into the Implications of Removing Refundable Franking Credits last week, also recommended that any proposal that could reduce Australian retirees’ income by up to one third “should only be considered as part of an equitable package for wholesale tax reform”.Read More
Individuals in Victoria will be able to have their voices heard in opposing the Labor Party’s proposed franking credit policy at the House of Representatives Standing Committee on Economics’ public hearings held in Malvern, Brighton, Mount Martha and Torquay in Victoria.Read More
Individuals in SA and WA will be able to have their voices heard in opposing the Labor Party’s proposed franking credit policy at the House of Representatives Standing Committee on Economics’ public hearings held in Carlisle and Guildford, Western Australia, and Norwood, South Australia.Read More
The discussion around the impact of banning franking credit refunds as proposed by the Labor Party continues in earnest into 2019.
We understand that many members of our community are looking for ways to make their voices heard in opposing this proposed policy. Accordingly, we would like to draw your attention to upcoming public hearings that the House of Representatives Standing Committee on Economics is holding for its inquiry into the implications of removing refundable franking credits.Read More
On 16 January 2019, Professor Deborah Ralston appeared on Channel 10’s Queensland network news, following the Gold Coast Retirees Investor Group meeting, discussing the ALP proposal to deny franking credit refunds.Read More
The Labor Party’s proposal to deny franking credit refunds fails the test of sound public policy on four grounds – adequacy, sustainability, certainty, and, most importantly, fairness.
Professor Deborah Ralston, chair of the Alliance for a Fairer Retirement System, in an address today to the Gold Coast Retirees organisation, highlighted how the proposal would severely dent the incomes of more than one million Australians, of whom the vast majority could not be described as “wealthy”.Read More
Labor’s proposal to deny franking credits refunds was labelled grossly “unfair” by the Assistant Treasurer, Stuart Robert, at the Alliance for a Fairer Retirement System Inaugural Summit held in Sydney this week.
Addressing the more than 130 people who attended the Summit, Robert said: “The critical point is that more than 45 per cent of the 900,000 people affected are 65 years or older.Read More
The ALP’s policy to remove cash refunds on franking credits was according to Bill Shorten targeted at “the wealthiest 10% of SMSFs”. As analysis of ATO data and the Treasuryii reveals, however, it is those on modest incomes who will be most affected.Read More
The Alliance for a Fairer Retirement System is an informal collaboration of various associations that share a mutual interest in promoting reforms to Australia’s retirement system to achieve a fairer system for all. Continue reading for more information about the governance, structure and operations of the Alliance…Read More
The House of Representatives Standing Committee on Economics has announced an inquiry into the implication of removing refundable franking credits.This inquiry will report on the use of refundable franking credits, their benefits and the implications of their potential removal.Read More