Mr TURNBULL (Wentworth—Prime Minister) (14:19): The honourable member overlooks, in his question, that what his party is seeking to do is prevent any Australian—no matter what their financial status is—from getting the cash from a franking credit that they have not been able to offset against other income. The justice in allowing self-funded retirees, pensioners and people on low taxable incomes to do this is very apparent— Opposition members interjecting— Mr TURNBULL: Look at the outrage, the indignation, from the Labor Party when I make that point. I want to delve into recent history— Opposition members interjecting— Mr TURNBULL: Yes, you're right. You'll regret this. Twenty years ago—Labor's election policy in 1998— Opposition members interjecting— Mr TURNBULL: this is what the Labor Party said. They went on a unity ticket with John Howard to the election, and this was the policy: Low income older people will be able to use their imputation credits even if they do not pay tax. This will mean that they can effectively 'cash out' the value of their imputation credits and increase their disposable incomes. Mr Khalil interjecting— The SPEAKER: The member for Wills is warned. Mr TURNBULL: The Labor policy went on to say, 'This reform will benefit many low-income retired Australians, including full rate pensioners, who are otherwise not embraced by the taxation system. Many thousands of pensioners, who have modest investments in public companies, currently obtain no tax benefit from the franked dividends they receive. The full value of these credits will now flow through to the pensioner shareholders. In addition, the reforms will ensure that investors, who currently pay little or no tax, will not be unfairly disadvantaged.' That was Labor's policy then. It was also the coalition's policy. The reform was legislated with bipartisan support in 2000. What was an act of compassion and fairness— Ms Butler interjecting— The SPEAKER: The member for Griffith is warned. Mr TURNBULL: in 1998 is now, according to the honourable members opposite, a tax rort, a loophole and a scandal that has to be put an end to— Ms Husar interjecting— The SPEAKER: The member for Lindsay is warned. Mr TURNBULL: It is an insult to hardworking Australians who've saved through their lives to be financially independent. It is robbing them. It is picking their pockets when they deserve our respect. (Time expired) The SPEAKER: Before I call the member for Indi, the level of interjections is far too high. A number of members have been warned. They know what happens next. I'm not going to raise my voice to try and compete with them.