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Labor party announces tax targeting retirees and investors

Leader of the Opposition Bill Shorten has announced a plan to place new limits on investors which could hit the hip pockets of hardworking retirees.

The plan will see some investors no longer able to claim a cash refund from their dividends.

It’s estimated, for a self-funded retiree with a share portfolio worth around $200,000, their losses could be over $5,000 a year.

Treasurer Scott Morrison has attacked the policy and labelled it as “theft”.

Liberal Senator Jim Molan says the move would “not encourage people to work hard and save for themselves”.

“Every time we turn sideways it looks like Labor is after another tax,” he tells Chris Smith.

“That’s not the way to go into the future.

“If we can’t see the impact that this is having on the competitiveness of an economy which is integrated with the world… we aren’t going to get on at all.”

Listen to the full interview below