One Nation will lift the tax-free threshold to $35,000 for self-funded retirees who are over 67 and not receiving any form of government payment.

Party leader Senator Pauline Hanson said self-funded retirees often invested in Australian property and companies to fund their retirements and should be given greater capacity to do so after contributing to the economy for decades and not receiving any benefits in their retirement.

“These people are hardly any burden on the Australian taxpayer and through their retirement investments they are providing homes and jobs for Australians the government does not need to fund,” Senator Hanson said. “I think they deserve a bit more back for this contribution, which is one of the factors behind this policy.

“Another factor is that it will help incentivise more people to save more for their retirement, potentially reducing government spending on pensions, and free up more Australian capital to be invested in Australian property and Australian shares.”

Senator Hanson said One Nation had opposed Bill Shorten’s policy to impose double taxation on retirees’ share dividends in 2019, and would continue to oppose Anthony Albanese’s plan to increase tax on superannuation balances over $3 million.

“We should be incentivising success, not penalising it, and our policy to lift the tax-free threshold for self-funded retirees over 67 is very much in keeping with this view,” she said.

“One Nation policies for 2025 Federal election released this year—income splitting and joint tax return filing for couples with children, enabling aged pensioners and veterans to work and earn without it affecting their payments, and lifting the tax-free threshold for self-funded retirees—are all aimed at providing much-needed tax relief in Labor’s cost-of-living crisis.

“They address other pressing issues too: reducing the need to import skilled labour from overseas; addressing workers shortages in critical areas like education and health; reducing the childcare burden on taxpayers; encouraging couples to start families earlier; and reducing immigration to address Labor’s housing crisis

“I look forward to releasing more new policies soon as it’s not enough to provide tax relief without significant spending reforms.”

ENDS