Franking credits inquiry to come to Torquay

THE federal government’s controversial inquiry into Labor’s plan to change franking credits is coming to the Surf Coast, with a public hearing to be held in Torquay next week.

In September, Liberal Treasurer Josh Frydenberg asked the House of Representatives’ Standing Committee on Economics to inquire into the implications of removing refundable franking credits, which Labor proposes to do if it wins the coming federal election.

Like Labor’s policy, the inquiry itself is controversial. It is unusual for a standing committee to examine a policy proposed by the opposition, let alone so close to an election.

Liberal MPs comprise six of the committee’s 10 members, including chair Tim Wilson, and Labor has frequently claimed the inquiry is being used to attack Labor. Last month, Shadow Treasurer Chris Bowen described the inquiry as “a taxpayerfunded roadshow for partisan purposes dressed up as a House of Representatives committee”.

In a media release last week announcing the Victorian public hearings, Mr Wilson said the committee “continues to gather evidence about how the removal of refundable franking credits would affect investors, particularly senior Australians whose financial security could be compromised”.

“The committee has received well over 1,000 submissions, including many 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.”

The public hearing will be held at the Spring Creek Reserve clubrooms on Wednesday, March 20 from 3-4.30pm. People are invited to make statements of three minutes directly to the committee.

For more information, head to aph.gov.au/economics.