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Labor’s retiree tax to hit Pearce seniors

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Labor’s retiree tax would hit over 3,500 Pearce seniors if Bill Shorten was elected, new Australian Taxation Office data shows.

Federal Member for Pearce, Christian Porter, said Labor’s proposed retiree tax is an attack on hardworking Australians, the majority of whom are already on modest incomes.

“On average, older Australians would stand to lose almost $2,300 every year, while those with self-managed super funds would lose around $12,000. Many older Australians will lose much more,” Mr Porter said.

“Labor’s attack shifts the goalposts on older Australians who have worked hard, paid tax all their lives and saved for their retirement.”

Pearce seniors are among the more than one million Australians who would be hit by Labor’s retiree tax. Around 910,000 individuals, members in 200,000 self-managed super funds and 1,800 super funds would have their incomes slashed under Labor’s policy.

“There are also many people who worry this would force them to rely on the Age Pension,” Mr Porter said.

“Labor has arrogantly dismissed older Australians.

“Only a Liberal Government will protect seniors from Labor’s retiree tax. Older Australians shouldn’t have to worry about how they’ll pay their bills or meet medical expenses.

“We need a Government that encourages hard work and saving.

“Labor can’t manage money, that’s why they end up coming after yours. To make matters worse they have told concerned seniors they could just ‘vote against us’.

“It’s advice our seniors should take.”