Even so, Morrison and his team are the ones running the budget. What if more people start embracing franking credits now they have seen how well they can work? Can the government accept the steady increase in this line item?
It was ugly, at times, the way Labor supporters on social media would rejoice at the idea of slashing a fellow Australian’s income – and not those like Smith with $500,000 to spare. It is so easy, sitting in Parliament House or a policy think-tank, to think up ways to raise money by rewriting tax or pension rules without giving taxpayers time to adjust. The amount of money raised depends, in fact, on taking taxpayers by surprise. All sides do it, but nobody should be surprised that voters do not like it.
Yet Albanese has to adjust to the reality of the election defeat. Can he stand by the policy in its current form? It seems unlikely. Labor will need more than the "pensioner guarantee" to curb the concerns over its policy.
There is no divide. Rules are the same for everyone. People who've spent their lives saving have more money than those who haven't. Simples.
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