Last week I had a big turnout at my roundtable on Labor’s Retirees and Pensioners Tax. It goes to show just how worried the community is about Labor’s shameless retiree tax grab.

Thanks to the Assistant Minister to the Treasurer for coming out to Bonner to hear my constituents’ concerns. Many people had horror stories about what Labor’s policy will mean for them.

Betty, a self-funded retiree from Wynnum, told me it would affect her portfolio greatly—potentially forcing her to dip into her capital.

Denis from Wakerley told the room that in terms of his own super fund, he stands to lose 20 per cent of his income if Labor gets their proposal through.

I didn’t invite along millionaires to this session; they weren’t the ‘top end of town’, as Labor would have you believe they’re targeting with this tax. These are ordinary people, just like you and me, who’ve tried to be self-reliant. Now Labor wants to take 20 or 30 per cent of their income to fund their unsustainable spending!

Almost a million retirees and pensioners will be immediately affected. Dave from Mansfield also made a great point. He was a third generation Labor voter until they announced this reckless new policy. Now he’s worried about his niece’s and nephew’s and other younger people’s ability to generate a decent income for their future.

I invite my constituents who’d like to share their own story about the terrible impact of Labor’s Retirees and Pensioners Tax to contact me.

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Over 50 Bonner residents attended a Pensioners and Retirees Tax Roundtable with Assistant Minister to the Treasurer the Hon Michael Sukkar and Member for Bonner Ross Vasta in Wynnum today.
“So many people have contacted me about Labor’s policy on franking credits and how this shameless tax grab will negatively impact them,” Mr Vasta said.
Mr Sukkar said many people were worried about Labor’s Pensioners and Retirees Tax, and said the Coalition would be fighting Labor’s proposal from now until the next election. He called on attendees and others impacted in the community to stand up and be counted and to spread the word to their friends and family.
“The Government is supporting retirees who have worked hard all their life and done the right thing by setting themselves up for retirement,” Mr Sukkar said.
“In contrast, Labor is proposing to tax retirees. This will leave retirees with less money to live on and disinsentivise younger Australians from saving.
“For over 3 years Bill Shorten has told Australians that he is fighting against the big end of town, when in reality he is doing the opposite. Labor has promised well over $200 billion in increased taxes and is intending to make retirees take on the largest burden of these tax increases.”
Betty Ollenburg from Wynnum said she had substantial concerns about Labor’s policy.
“As a self-funded retiree, it would affect my portfolio quite significantly. I may even be forced to dip into my capital to get along,” Mrs Ollenburg said.

David Dilger from Mansfield said he had been a third generation Labor voter until March this year, when Labor announced their franking credits policy.
“I’m scratching my head wondering how Labor could betray people like this. Their policy also affects young people and their ability to generate an income. And then for older people, there’s the question of whether Shorten will stick to the pensioner guarantee,” Mr Dilger said.
Tom and Shirley Tolland from Rochedale said it had been a very enlightening and informative session.
“It was good to hear many different points of view from people in different financial positions. The franking credits proposal affects us all so it was good to learn more about it from the Minister,” Mrs Tolland said.
Mr Sukkar said he and Mr Vasta would be taking attendees’ real-life examples to Canberra to further make the case against Labor’s Pensioners and Retirees Tax policy.
Mr Vasta invited people who wanted to share their stories or who had further questions to contact his office on 3893 3488.

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