CHRIS BOWEN, SHADOW TREASURER: Well good morning.

Today we hear that Malcolm Turnbull is about to undertake a tour of Liberal lies around Australia. Lying about the impact of Labors sensible and necessary dividend imputation policy. We know that when Labor leads on the policy debate the Liberals lie about it. We know that from negative gearing, we know that from family trusts and we know that of course in dividend imputation. Now in particular the Government has released overnight to some newspapers data which is based on taxable income. Now this again, is exactly the same trick that Mr Morrison tried to play with negative gearing and was found out. We will call this out on every single occasion.

Mr Turnbull appears to be so out of touch that he thinks that if you have a very large superannuation balance that dont pay tax and therefore have a low taxable income, that the Governments priority should be to protect those people. We say when it comes to Budget repair, difficult decisions are necessary and concessions that were put in place by John Howard and Peter Costello that are no longer affordable, have to be dealt with. Now the fact of the matter is, taxable income, the data that Mr Turnbull relies on excludes income in the retirement phase. It excludes income from superannuation funds which are tax free or are low taxed.

The fact of the matter is, that a lot of the income that people receive in retirement is tax free. By definition people are on low taxable incomes even if they have very significant superannuation balances, very significant indeed.

Now the fact of the matter is, you can be considered to be low taxable income and have a very substantial superannuation account. Now its not just Labor making this argument, this is Greg Jericho in todays Guardian making the argument, independent economist Saul Eslake, the Grattan Institute, and for example Michael Croker from the Chartered Accountants Australia and New Zealand said last week, and I quote: Taxable income does not indicate a persons meansA person could be wealthy in terms of assets held... or be receiving income that is not assessable, such as a payout from a superannuation fund after age 60.

Now of course data released today by Industry Super Funds prepared by a former Treasury costing official shows that 80 per cent of the savings from Labors reforms comes from the wealthiest 20 per cent of retirees. 80 per cent of the savings from the wealthiest 20 per cent of retirees. These are the facts.

In relation to the money raised from self-managed superannuation, 50 per cent of the money comes from the top 10 per cent of self-managed superfunds. Of course weve seen payouts from the top 1 per cent of self-managed super funds of $83,000 a year in tax refunds from people who havent paid tax, which of course is substantially greater than average wages in Australia.

So I say this to Mr Turnbull: stop your silly scare campaign. Scaring Australias pensioners with 90 per cent unaffected by Labors changes. Scaring Australias pensioners is an irresponsible thing to do. Stop lying Mr Turnbull and start leading. Stop lying about Labors policies and start leading and coming up with some more policies of your own.

Happy to take any questions.

JOURNALIST: Is Labor considering going back to the drawing board on dividend imputation as suggested by Ged Kearney?

BOWEN: We stand by the policy, its a very important policy, its a very important reform. Of course under Bills leadership we are always looking at ways of helping pensioners. We have opposed the removing of, the lifting of the pension age to 70. The Government of course threw hundreds of thousands of people off the pension, reduced their pension. We have stood firm with pensioners of course as Bill has said. We have made it clear that we will have plenty more to say about pensioners, plenty more to say about pensioners and it's about time Mr Turnbull explained why he thinks it is okay for people to get tax refunds of up to $2.5 million who haven't paid tax while making ordinary Australians wait until they are 70 to get the aged pension.

JOURNALIST: On Catholic school education the Opposition has reportedly promised the Catholic schools $250 million in the next two years, is that correct?

BOWEN: Well of course the matter of education funding is an important priority for Labor. Now we will fix Mr Turnbull's cuts. Now 86per cent of those cuts are copped by public schools and 12 per cent of the cuts come from Catholic schools. We believe both of those problems need to be fixed. We do not believe this is a choice, I mean we believe in needs based funding and Catholic schools are often in need of more funding so we will fix both of those problems. Mr Turnbull has created both and we will fix both.

JOURNALIST: Has Labor promised them $250 million dollars?

BOWEN: Well what we have done is interacted with the Catholic school system and given them undertakings that we will fix the funding cuts that have been hoisted upon them by Mr Turnbull.

JOURNALIST: What do you make of the Council of State Schools Organisations questioning your decision to give?

BOWEN: They have a right to a view but we make it clear to public schools that we will fix Mr Turnbull's cuts to them but we will also fix the cuts to Catholic schools.

JOURNALIST: Are they influencing your policy?

BOWEN: We talk to all sorts of people about education policy and all sorts of other policies, of course we do and we are strong and vocal and vital supporters of public education in Australia. Public education has no greater friend in the Federal Parliament than the Labor party but we also support the rights of parents to send their children to Catholic schools and properly funded Catholic schools on a needs basis.

JOURNALIST: How influential do you think the Victorian Catholic schools branch was in the Batman by-election?

BOWEN: Well that is for others to judge. I know that they expressed their view as is there right in a democracy, it is for others to judge.

JOURNALIST: You mentioned that you interact with all types of different organisations, are there any other side deals that Labor is considering?

BOWEN: Well I don't accept your characterization of important discussions with a very vital part of the education sector. I mean the Catholic education sector is not a secret society, they have a vital and important role to play in educating millions of young Australians and you know we got past these debates in the 60s, Catholic schools get Government funding as they should and we will fix the damage that Mr. Turnbulls cuts to Catholic schools and public schools.

JOURNALIST: This agreement that Labor has made with the Catholic schools sector, is that outside any consistent formula that is consistent?

BOWEN: We believe in a needs-based funding model. We believe and I need space to funding model and the Catholic education system has been disadvantaged by Mr. Turnbull's cuts.

Okay, thanks for coming.