Retirees 'bitterly disappointed and betrayed by Labor'

February 27, 2019

Retired engineer Greg O'Connell likened the sudden switch on removing franking credits refunds under Bill Shorten's policy to the actions of a dictator in a third-world country.

The Conservative Party strongly opposes Labor's plans which effectively move the goalposts on people who have sensibly prepared for a self-funded retirement, free of reliance on a government pension. 

The Australian Financial Review reports, long-time Labor voter Nola Marshall felt betrayed by the changes which would push her back toward the age pension and force her to cut back on the use of air-conditioning in Adelaide's hot summer.

They were among an angry crowd of about 280 people who attended the Adelaide leg of the federal inquiry into the implications of removing refundable franking credits on Tuesday, with about 50 people forced to stand at the back of the room at the Osmond Terrace Function Centre in suburban Norwood as numbers swelled.

The time allotted for three-minute statements from the public ran about 25 minutes over the scheduled 90-minute time slot for that segment, indicating the depth of feeling over the issue.

Mr O'Connell, a 64-year-old engineer from the Adelaide suburb of Hawthorn, said he had a self-funded retirement fund set up with his partner Jenny and if the Labor policy was brought in they would lose 20 to 25 per cent of their annual income, after carefully planning under the current framework.

The goalposts were being shifted retrospectively, making it an issue of sovereign risk which was unfair, he said.

He was very annoyed with shadow treasurer Chris Bowen. "I would describe his actions as being similar to a dictator in a third-world country," he said.

Nola Marshall, 69, said she would now become an ex-Labor voter.

"I feel bitterly disappointed and betrayed by Labor," she said.

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NO B.S. Bring Back Common Sense to Australia - we must block Bill Shorten's plans to destroy jobs, bankrupt the economy, unleash political correctness and reward Labor's political comrades. Add your name if you agree.

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