Westpac and the ANZ have suspended dividends payments. The National Australia Bank has slashed them. The peculiarities of our tax system explain why retirees hate this more than they should.
All that would be needed is to adjust retiree tax scales and tax their super fund earnings at their marginal rate.
Retirees with superannuation balances of $1. pay and pay no tax and get annual imputation cheques of $63,000.
Demographics are making elections about tax concessions, and soon there will be no turning back.