SLOMO DIGS IN FOR MILLION DOLLAR IMPUTATION CREDIT CASH REFUNDS

The Treasurer’s economic priorities were on full display today as he ruled out dealing with imputation credits refunds to the wealthy.

 

When asked on Sky News this morning about whether he’d ever touch imputation credit cash refunds “for the wealthiest”, the Treasurer ruled it out entirely.

 

DAVID SPEERS: You won’t touch this at all?

 

MORRISON: No, of course not.

 

SPEERS: Even for the wealthiest?

 

MORRISON: No.

Today the Treasurer ruled out acting on a serious budget problem that is seeing million dollar cheques sent to some wealthy people who have large self-managed superannuation funds.

 

This comes at a time when he’s increasing tax on 7 million working Australians all the way up the income scale.

 

This is starting to look a big like groundhog day for the Treasurer who is losing credibility by the day on economic matters.

 

Who can forget Slomo’s response when Labor’s announced its responsible plans to reform negative gearing.

 

Despite the Treasurer knowing there are “excesses” with current negative gearing arrangements, his colleagues denied him any reform in lieu of an ensuing not so scary scare campaign.

 

And it’s happening all over again. We know from reports that the Treasurer’s department has been looking at the problem of cash refunds for excess imputation credits. It’s simply ludicrous to think the Treasurer has never “entertained” reform in this area. But he’s going to shelve responsible reform and instead play politics.

 

It will be left to a future Labor Government to make the tax system fairer and ensure that the burden of Budget repair is not left to working Australians.