Albanese looks set to dump franking credits reforms if he leads Labor

Labor leader hopeful Anthony Albanese has hinted he’ll ditch franking credit reforms.

Anthony Albanese says Labor’s franking credits policy hit people who “weren’t very wealthy”. Picture: Brook Mitchell/Getty

Labor frontbencher Anthony Albanese has opened the door to dumping the party’s franking credits reforms if he is elected leader, saying the policy hit people who “weren’t very wealthy”.

“Quite clearly one of the issues I think that was very difficult for us was that the measures that we were proposing about the dividend issue impacted on people’s hip pockets, and some of those, of course, weren’t very wealthy people,” he told Adelaide’s 5AA radio.

“They were people for whom a small cheque was what they paid their rates with or their car rego, or other essentials in life when it came in, so that clearly had an impact for us.

“Quite clearly the amount of money that is going out there is the reason why we were proposing that $6 billion is unaffordable in terms of the budget to keep growing into the future, but clearly those issues are going to have to be looked at by the government itself in my view, down the track.”

Mr Albanese was reported yesterday to be considering dumping both the franking credits and the negative gearing policies, but he would not confirm that when asked at his campaign launch yesterday in Sydney.

Anti-Green, loves league, and has a beer named after him

As Mr Albanese presses his claim on the Labor leadership, Queensland MP Graham Perrett declared he can connect with voters in the Sunshine State, because he is anti-Green, likes rugby league, and has a beer named after him.

Mr Perrett said his Left-faction ally — a former transport and tourism minister — also understood Queensland’s regional challenges and the importance of its tourism industry.

“In all the years I’ve known him, his number one political enemy has been the Greens, so he understands that dynamic,” the Member for Morton said.

“He understands how to retail to people well and truly. He understands transport. Queensland is Australia’s most decentralised state and he understands that.

“He likes his footy, he’s a passionate South Sydney supporter. Queensland people respect loyalty.

“And for God’s sake, they guy’s got a beer named after him. If that doesn’t appeal to Queenslanders, what will?”

Reconnecting with Queensland voters looms as a major factor as Labor considers who its next leader will be, after the state’s massive rejection of the ALP agenda on Saturday night.

While Mr Albanese is a Left-faction heavyweight who has had to barricade his seat from the Greens, Mr Perrett said the inner-city Sydney MP could take a nuanced position on issues like the Adani coal mine.

“He understands the complexities — that people have cars, people want their lights on, people want their airconditioning on.

“He lives in the real world, and understands that. And he can package an idea.”

NSW Left Labor MP Pat Conroy also weighed in behind Mr Albanese as Labor leader, declaring he was “authentic” and people would trust him.

“He has got a proven track record of delivering for all Australians as a senior minister and deputy prime minister,” Mr Conroy told The Australian.

“Albo is also an incredibly authentic person. What you see with Albo is what you get and people can trust him.”

Meanwhile, Labor MP Maria Vamvakinou called on the future leadership group to reconsider the franking credits and negative gearing policies, declaring they would have a detrimental impact on working and middle class Australians.

Ms Vamvakinou, a Victorian Left MP, said Saturday’s result showed the public had rejected Labor’s policies.

“We need to look at it from the point of the people who said to us that they cannot afford to lose their retirement savings,” Ms Vamvakinou.

“I don’t believe the top end of town was going to be suffering very much. It is the middle group that can’t afford to lose what they planned to have.

“We need to not only accept it is real and understand them, but we need to find a way to address it.

Ms Vamvakinou said the negative gearing changes would have impacted “middle and working class Australia”.