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Labor to discard franking credit proposal

Opposition Leader Anthony Albanese has all but promised to not take Labor’s controversial franking credit proposal to the next election.

Tax&Compliance Jotham Lian 21 January 2020
— 1 minute read

In an interview with Sky News, Mr Albanese said Labor would not be taking the “same policy to the election” when queried about its proposal to remove refundable franking credits at the 2019 election.

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“We will go through the detail of the announcement that we will make down the track. But, very clearly, we won’t be taking the same policy to the election,” Mr Albanese said.

However, when pushed further, the Labor leader did not rule out including a grandfather clause to its policy, noting instead that Labor would announce its full policies in time.

“I have a view about those things, but we will have our processes,” Mr Albanese said.

“We have a policy process that we will establish. And we will announce it in time”

Mr Albanese also remained tight-lipped on Labor’s future plans with negative gearing, having previously campaigned with a proposal to limit negative gearing to new housing.

Labor had also proposed to halve the CGT discount to 25 per cent for investments entered into after 1 January 2020.

“Our policies aren’t there until we announce them proactively and positively,” Mr Albanese stressed.

“Our policies will be policies for the next election, when we announce them. And that will be the suite of policies that we take.”

Labor’s review of its 2019 federal election campaign found that its negative gearing crackdown and withdrawal of franking credits were the most contentious, with low-income voters swayed into voting against Labor despite not being directly affected by the policies.

Labor to discard franking credit proposal
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Jotham Lian

Jotham Lian

Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.

Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.

You can email Jotham at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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