The House of Representatives Standing Committee on Economics will hold its final public hearing in Canberra on Tuesday 26 March 2019 for its inquiry into the implications of removing refundable franking credits.
Committee chair, Mr Tim Wilson MP, said the committee continued to gather evidence about how the removal of refundable franking credits would affect investors, particularly senior Australians, whose financial security could be compromised.
The Self-managed Independent Superannuation Fund Association, which will appear at the hearing, has called the ALP’s proposal regressive and inequitable, stating it went against the progressive nature of the income tax system.
Associate Professor Geoff Warren, who will also appear at the hearing, has said the proposal may cause adverse effects by “singling out a particular group within the context of a broader policy agenda”.
The Australia Institute and Industry Super Australia will also give evidence at the hearing. It argues the proposal will mainly affect wealthy Australians and “could save the government around $35 billion per annum by the end of the forward estimates”. Similarly, Industry Super Australia argues “the vast majority of retirees will be unaffected by the proposal and the wealthy are the beneficiaries of most of the refunds of franking credit for non-pensioners”.
Mr Wilson said the hearing would provide an opportunity for Australians impacted by a change to refundable franking credits to address the committee directly with a three-minute statement, and their contributions and participation was welcomed.
The public hearing will be held on 26 March from 1pm to 4.40pm at the Main Committee Room, Parliament House, Canberra.
The hearing will be webcast live.