Port Macquarie's John Geisker says political parties should set aside their differences and host a summit in the best interests of the country.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Mr Geisker, a self-funded retiree, was one of 12 community members at a roundtable discussion hosted in Port Macquarie on Wednesday by Prime Minister Malcolm Turnbull.
He said the summit, similar to the 1983 National Economic Summit, would be a melting pot of ideas 'to get what's right for the country'.
Wednesday's roundtable focused on Opposition plans to alter the superannuation tax imputation credit system.
Mr Geisker, a financial planner for a number of years and now retired, carved out a career with Westpac and has lived in Port Macquarie for about 20 years.
"I was a little disappointed with Labor's plan because I do rely on franking credits, personally, but not in a big way," he said.
"Because interest rates have fallen so far, it is important to boost your retirement income as best you can.
"Share dividends with a franking (credit), has kept me going. But to cut out franking without any aged pension support would leave a big hole in many self funded retirement incomes.
"If this Opposition plan becomes reality, we would have to reasses our investments."
If this Opposition plan becomes reality, we would have to reassess our investments.
- John Geisker
He said many shareholders looked to invest in shares such as Telstra because of the dividends.
The communications giant recently announced a 40 per cent cut in dividends, which 'sent their share price down', Mr Geisker said.
"Take the franking credits away from Telstra and that makes it worse," he said.
"That could lead to shareholders divesting their Telstra shares. It would have a big impact on the market, because Telstra (shares) attracts a lot of mum and dad investors."
Mr Geisker also said the Opposition appears to not have thought through their plan.
"There is probably the scope to cap some of the benefits from franking as there is with capital gains tax concessions and negative gearing," he said.
"There is scope there; you can't give everyone a free kick.
"I understand their thinking, but they need to look at pensioners and self-funded retirees who deserve some concessions, but not blanket concessions."
Mr Geisker said there were also several side issues involved with superannuation that would benefit from a summit.
"There's been some good proposals come out from both sides of the political sphere. But they both employ scare tactics; that's why we need a summit."
Read more:
