The parliamentary inquiry into refunding franking credits will allow short statements from the public in hearings held this week, in Sydney on Tuesday and Melbourne on Thursday.
The Inquiry into the implications of removing refundable franking credits was formed by the House of Representatives Standing Committee on Economics at the request of Treasurer Josh Frydenberg. Labor Shadow Treasurer Chris Bowen said it was an “unprecedented step” for a minister to make a reference to a parliamentary committee solely on the subject of an opposition policy.
Ahead of the public hearings the Chair of the Committee, Coalition MP Tim Wilson, 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 based on the existing rules and whose financial security could be compromised”.
“There will be time during these hearings for short public statements so that people can speak into the microphone and tell us how they will be affected,” he said.
“The committee has received hundreds of submissions from retirees 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.”
The Committee has thus far published 240 submissions, but only four from organisations. No submissions for the public hearings have yet been published.
A list of groups appearing before the public hearings has yet to be published at the time of writing. However the Institute of Public Accountants (IPA) will appear before the Melbourne hearing and the Alliance for a Fairer Retirement System will appear in Sydney.
“The committee looks forward to hearing from a range of stakeholders and members of the public about who would be affected by the removal of refundable franking credits, if it would result in increased reliance on the pension, and the stress and complexity it would create for older Australians in adjusting their investments,” said Mr Wilson.