So, what is this election I am hearing about?

There are times in life when finding a big rock to hide under has a certain appeal.

For me, the next month is one of those times.

I have my own political biases, as do most Australians. I truly doubt if many people can boast of being a genuine swinging voter. In reality, the majority of us probably vote the way our parents, and other family influencers, did.

While I have historically voted for one of the major parties, I admit that times are changing, and I am becoming increasingly disillusioned with main-stream politics.

After three weeks of “official” electioneering – the election campaign actually started long before that – I think I am ready to go to the polls now and get it all over and done with.

One thing that has increased my disillusionment is the “play the man, not the ball” mentality.

Australia is facing some significant issues for the future.

They include, in no particular order:

• rebuilding, and managing the strong economy post-COVID
• our relationship with neighbours, near and far
• migration and our contribution to accommodating genuine refugees
• climate change, and the environment
• societal issues including domestic violence, homelessness, disability, and aged care.
• the health system, and
• many others too numerous to cover here.

Admittedly, I try to limit my exposure to the election campaign to the 7 o‘clock news, so I may be missing something. However, from what I see, the election campaigning is not so much about how each of the major parties will tackle the real issues facing Australia, but rather “who said what” and why one person deserves to be the next Prime Minister, over the other.

Apart from some brief sound bites about the “big issues” at media conferences, I have not heard anyone, including the minor parties, provide any serious commentary about how they propose tackling the real issues.

So much for my rant – haven’t had one of those for a while!

Amongst the recent news grabs, there has been some commentary worth reflecting on that affects the financial sector including:

Taxation:

• Labor has announced it will not be resurrecting its 2019 election policies to abolish negative gearing and refunding excess franking credits.
• The Coalition continues to support the tax cuts it took to the 2019 election, including those that would apply from 2024-25. Labor announced it will support this measure. In fact, these changes have already been legislated.

Superannuation Guarantee:

• Both major parties maintain support for superannuation guarantee contributions progressively increasing to 12% by 1 July 2025. This is already legislated.
• Labor intends to examine how effective the Single Touch Payroll system has been at eliminating underpayment or non-payment of superannuation guarantee contributions for employees.

Legacy superannuation pensions:

• In the 2021 Budget, the (Coalition) government of the day announced plans to allow people with certain types of old-style superannuation pensions, including lifetime and life expectancy pensions, and market-linked pensions, to exit those products over a two-year period from 1 July 2022, without penalty. This was not legislated before the election was called. Hopefully, it will be resurrected by the next government.

Superannuation Taxation:

• Both major parties have stated they do not intend to impose any new taxes on superannuation.

From what I have learnt over many years is what is promised during an election campaign doesn’t always come to fruition. Perhaps I am simply being naïve to think otherwise.

At the end of the day, we deserve politicians that will place the interests of the country ahead of their own and those of their party.

Perhaps we need to impose a “best interest duty” on politicians. Now, there is a thought.

Having said that, I will now go back to hiding under my rock for the next three weeks and promise I won’t make further comments about the election until after 21 May.

But then, like a politician, I reserve the right to change my mind – particularly if something interesting arises.