Labor’s Retiree Tax To Hurt Women More Than Men

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Media release

Labor’s retiree tax will hurt more Australian women than men, with women representing well over half of all Australians who rely on franking credit refunds for income.

New ATO data shows that in every single age category from aged 30 to those over 80 years, more women than men receive an income from the refunds on their franking credits

For those aged 40 to 49 years of age the impact on women is the most disproportionate. Within this age group there are more than double the number of women compared with men using this income.

“This new data exposes an appalling gender inequity behind Labor’s retiree tax,” Treasurer Josh Frydenberg said.

“While our Government has been working hard to close the gender pay gap to a record low, Labor has been planning to wind the clock back with its retiree tax attack on women.  

“Labor pretends to champion women, yet this is another example that you can’t trust what Labor says, you have to look at what Labor does.

“With the average individual Australian with shares set to lose almost $2,300 every year under Labor’s retiree tax, this is a massive hit to a woman’s income that will come at a significant cost to her way of life.

“For those approaching or already in retirement, this is a source of income that they are unlikely to be able to replace.

“These women have done nothing wrong, except diligently plan and save for their future, yet Labor is punishing them and moving the goal-posts.”

The Minister for Women Kelly O’Dwyer said in the past 12 months the Government has launched the first ever Women’s Economic Security Statement, delivered record funding to reduce domestic violence and removed the GST from feminine hygiene products.

“The Coalition is serious about improving women’s economic security because we know that when women do well, their families do well, and our economy and nation prospers,” Minister O’Dwyer said.

“In the past year, we have seen the gender pay gap fall to a record low and women’s employment reach a record high, with more women in full-time work than ever before,” she said.

“And there’s still much to do, because women and girls deserve an equal stake in our society and our economy.”