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Labor’s retiree tax to hit Pearce

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Retirees in Pearce stand to lose thousands of dollars each and every year under Labor’s retiree tax.

“In Pearce there are more than 3,500 people whose hard earned savings will be raided by Labor through its retiree tax,” Federal Member for Pearce, Christian Porter, said.

“Of those adversely impacted, on average, individuals will lose $2,200 a year and self-managed super funds will lose $12,000 a year. For many, the losses will be much higher.

“This is a disgraceful cash-grab by Labor from those who have done the right thing, grown their nest egg, and planned to provide for their own retirement.”

According to Australian Taxation Office data, more than 900,000 Australians, 200,000 self-managed super funds and 2,000 super funds will be hit by Labor’s tax.

“Like all Australians, the people of Pearce deserve a Government that encourages personal responsibility, rewards hard work, and allows them to keep more of what they earn,” Mr Porter said.

“Labor’s retiree tax attacks and undermines these values, ripping over $45 billion out of retirement savings. This is part of Labor’s plan for more than $200 billion in additional taxes to people’s homes, incomes, business and savings.

“In contrast, the Liberal Government will protect the hard earned savings of the people of Pearce and all Australians.”