The House of Representatives Standing Committee on Economics will hold hearings in Sydney and Melbourne for its inquiry into the implications of removing refundable franking credits.
The Chair of the committee, Mr Tim Wilson MP, said ‘the committee is examining how the removal of refundable franking credits would affect investors, in particular older Australians who have planned for their retirement based on the existing rules and whose financial security could be compromised.’
Mr Wilson said ‘the committee has received hundreds of submissions from retirees who are concerned they will be forced on to the aged pension if the ability to claim a refund on their franking credits is removed. There will be time during these hearings for short public statements so that people can speak into the microphone and tell us how they will be affected.’
The Alliance for a Fairer Retirement System, who will appear at the hearing in Sydney, said in its submission that it is ‘very concerned that public policy should in any way drive people onto welfare, particularly when citizens have made every effort to save for retirement and be either fully or partly self-funded in retirement.’
The Institute of Public Accountants, who will appear in Melbourne,