Joint Media Release

The Hon Joe Hockey MP

Shadow Treasurer Coalition Campaign Spokesman

Senator Mathias Cormann

Shadow Assistant Treasurer Shadow Minister for Financial Services and Superannuation Coalition Campaign Spokesman
Wednesday 21 August 2013

Penny Wong cries crocodile tears over franking credits

Penny Wong is crying crocodile tears about the issue of franking credits. Labor is no friend of shareholders they never have been, they never will be. As part of the Coalition's positive plan to grow the economy including cutting company tax, removing the mining tax, removing the carbon tax but keeping the tax cuts and fortnightly pension increases that came with it, and not proceeding with Labors FBT hit on cars Australian companies and shareholders will be better off. Our overall plan will cut cost of living and boost growth benefitting all Australians, especially retirees. Our fair dinkum Paid Parental Leave policy includes a 1.5 per cent levy on 1 in 200 companies to pay for an important initiative which will boost productivity and growth. The levy is necessary, given the budget emergency that Labor has created. Labor is completely hypocritical on this issue. For two years Labor promised a $5 billion reduction in company taxes funded by the mining tax. Then in the 2012-13 Budget they dumped their plan of cutting company tax just weeks before it was due to commence. Labor then hit large companies with an $8.3 billion tax grab in last years MYEFO relating to the timing of company tax payments. Does Labor think these higher taxes are better because companies accrue more franking credits? Only the Coalition has a Plan to deliver stronger economic growth, lower taxes, more jobs and better returns for shareholders.

Media Contact: Tony Ritchie, 0407 002 704 (Mr Hockey)

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