Refunding franking credits inquiry comes to Queensland

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The Parliamentary inquiry into refunding franking credits is coming to Queensland – a key battleground in the upcoming Federal election.

Following from public hearings in New South Wales and Victoria last year, the inquiry will be holding public hearings in Queensland in late January.

Though not explicit, the inquiry is effectively into Labor’s policy to stop most refunds of franking credits.

Liberal party MP Tim Wilson, who is Chair of the committee conducting the inquiry, said: “The committee is examining how the removal of refundable franking credits would affect investors, in particular older Australians who have planned for their retirement under the existing rules and whose financial security could be compromised.”

Mr Wilson said the committee had received “well over” 1,000 submissions, of which 999 have so far been published, may of which are from “retires who are concerned they will be forced on to the aged pension if the ability to claim a refund on their franking credits is removed”.

“These hearings will provide an opportunity for Australians impacted by a change to refundable franking credits to address the committee directly with a three minute statement, and we welcome their contributions and participation,” said Mr Wilson.

Labor has been critical of having a parliamentary inquiry into an opposition policy. When the inquiry was established Shadow Treasurer Chris Bowen said: “The Liberal Party has so run out of policy ideas that it’s using and abusing parliamentary fora to examine opposition policy NOT government policy.”

“The new Treasurer has taken the unprecedented step of making a ministerial reference to a parliamentary committee solely focusing on opposition policy,” said Mr Bowen at the time.

The public hearings will be held in:

  • Townsville
  • Alexandra Headland
  • Paddington
  • Eight Mile Plains
  • Upper Coomera

Details are available on the website for the inquiry.

Further public hearings will be announced as the inquiry progresses.

Update: The Committee has also announced new public hearings for NSW in early February.

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