Senator FIERRAVANTI-WELLS (New South Wales—Minister for International Development and the Pacific) (14:53): I think the only thing that's misleading is you and your policy, where you have declared war on pensioners and retirees, many of whom will be thousands of dollars a year worse off. You plan to double-tax pensioners and retirees in a bid to bail your leader out of a budget black hole that he cannot pay for. But guess what? There are exemptions. And despite taking money off pensioners and retirees, he is exempting union slush funds connected with the CFMEU and other Labor-aligned bodies. This means that groups associated with big unions will continue to receive franking credit refunds but many pensioners and retirees won't. Labor's latest tax grab does not target wealthy retirees. More than half of all refunded franking credits are paid to individuals who earn less than the $18,200 tax-free threshold, including pensioners and self-funded retirees. Ninety-seven per cent of people who receive franking credit refunds have a taxable income below $87,000—people who have worked hard, saved hard and paid tax. Senator Watt: Stop lying. The PRESIDENT: Order, Senator Watt! You asked the question. Senator Reynolds on a point of order. Senator Reynolds: I am sitting directly behind the minister and I cannot hear what she's saying over the noise. The PRESIDENT: I am now going to be strict in calling senators to order. That is the second request from a senator in the chamber during question time, in this case in very close proximity to the minister. Senator Polley: She's just trying to protect Connie. The PRESIDENT: Please cease interjecting, at least while I'm speaking from the chair. Senator FIERRAVANTI-WELLS: Labor's policy will hit any person who holds shares in a company and has a low income. That includes all retirees with low incomes and small shareholdings, including pensioners. The changes once again show that the Leader of the Opposition wants to penalise Australians for working hard. New figures released this week show thousands will earn less and be hit by Mr Shorten's tax grab. (Time expired) The PRESIDENT: Senator Watt, a supplementary question.