NEWS
50 Something
ELECTION 2019
Election Special We have worked hard and saved for our self-funded retirement, only to see the goal Seniors’ issues are front and centre in this federal election and older Australians will be posts moved decisive in who wins government. As a senior, what can you do tocontinually. make a difference?
Your guide to 2019
And how is your National Seniors putting you first? Here’s Chief Advocate Ian Henschke. For older Australians this is an election like few before it.
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If you believe the government, the usual frenzy of speculation about when we will head to the polls no longer applies. Don’t you worry about that! Well, not until mid to late May, which is when the Prime Minister has promised we can exercise our democratic duties, after he brings down the budget. Labor is pretty much saying “bring it on” as Bill Shorten and Scott Morrison have been engaging in a not-too-phoney election campaign since Christmas. The leaders continue to bump into each other in marginal seats around the country while announcing policies. The joke goes, “Do you ever get the feeling the only reason we have elections is to find out if the polls were right?” At the time of writing, Labor is ahead in the polls and has been for many months. But the Coalition is narrowing the gap. Whether over-confidence or a demonstration of policy transparency, Labor has been releasing policies well ahead of the election campaign. In few other recent elections have policy issues affecting seniors been announced so early and continued to fuel news headlines and public debate. The Coalition has joined in, if only to stand opposed to what Labor wants. For starters there is aged care, retirement planning and financial services, including superannuation, negative gearing, capital gains, franking credit refunds, the Age Pension, health and energy policy.
Taxing matters Labor appears to be unafraid of scrutiny and has been promoting a radical taxraising policy platform that will significantly impact retirement income and financial planning. Policy initiatives include ending cash refunds on share dividends for investors who don’t pay tax; reforms to
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Estimated number of self-funded retirees who would be affected by scrapping franking credit refunds
negative gearing, the capital gains tax discount, superannuation concessions, and discretionary trusts; and capping deductions for managing tax affairs. Your opposition to the proposed franking credits reform has been fiery and so,
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Your opposition to franking credits reform has been fiery and so, too, your frustration about meddling with retirement planning.
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parties and, importantly, independents to drop the policy. Unsurprisingly, the Coalition has ramped up its campaigning against Labor’s tax reforms, so far preferring to oppose, raise alarms and stand on its economic record than put its own initiatives out there.
Marginals rule OK Many federal electorates are extremely marginal, requiring only a small swing in votes to change hands. This puts significant opportunity, and potentially power, in the hands of senior Australians fighting for what they believe. You can make a real difference.
too, your justifiable frustration directed at all parties for constantly meddling with retirement planning: cutting income from superannuation; the Age Pension; and other investments.
All candidates would be wise to know that older Australians cannot be ignored and may well determine their future, given almost half the voting population is aged over 50.
National Seniors, in partnership with other advocacy groups, has told Labor to back off and to keep franking credit cash refunds if they win the election. The pressure we applied when the policy was first announced helped convince Labor to exempt pensioners. There is a long way to go before any Labor government will legislate the reform, and National Seniors will continue to press all
The rise of independents is a feature of contemporary Australian politics and this federal election even more candidates will not be members of the major parties. How successful they will be is yet to be seen but polls, including the Wentworth byelection win by independent Dr Kerryn Phelps, points to independents having an even greater influence in federal parliament.
National Seniors Australia
