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Clive palmer looks back on his time in parliament and says dont go into politics

CLIVE Palmer has revealed his thoughts about running for politics in Australia, and why he’d never do it again.

The former Palmer United Party leader has told Channel Sevens Sunrise that since leaving politics, he has had some time to reflect on life and said he would never go back to Canberra.

He said federal Parliament was not where the power is.

I think I have reflected on a lot of things. I realised I would not want to go work back to Canberra, he said.

It is not where power is. This morning they are talking about a Triple-A credit rating and our budget. But they do not tell the people of Australia that our budget is not calculated the same way as the state budget. It is just a mirage. Every year they say the government needs budget repair. They denied the Australian people what the true situation is.

@CliveFPalmer has lost one third of his body weight. Down from 158kgs. "It's about what you put in your mouth." #7News

When asked what advice he had for Senator Pauline Hanson, who facing rifts within her own party after WA Senator Rod Culleton quit One Nation today, he had one piece of advice.

Dont be a politician. Give your wife a hug. Love your children. Enjoy life. There is more to it, he said.

He also said he had his own issues when he got the balance of power in the Senate.

The reality is that when I got the balance of power, that scared the major political parties, he said.

They tried to fragment our boat and have a lot of little parties, which they have been successful at doing. They try to disrupt you and take it.

People are vain, but you have to remember that you have to be in politics that the results you can deliver to Australia.

Mr Palmer has shed a third of his body weight, but said he has got 20 kilograms to go before he reaches his goal weight.

He has dropped 40kg in four months, going from 158kg to 104kg.

Tax breaks for retirees are too generous says think tank

OLDER Australians are receiving “unduly generous” tax breaks that should be wound back to save the government $1 billion a year, a new report claims.

Independent think-tank the Grattan Institute says the proportion of over-65s who pay income tax has halved in the past 20 years, and Australia can no longer afford it.

Its report recommends reducing the Private Health Insurance rebate for seniors to the same level as younger workers, making more seniors pay the Medicare Levy and winding back the seniors and pensioners tax offset.

The 40 per cent of seniors who receive a full age pension would not be affected, it says, but about 500,000 part pensioners and wealthier retirees would pay more tax.

Grattan CEO John Daley said the current generation of retirees received much more from the Federal Government than previous generations.

In retirement you can be earning up to $58,000 a year as a couple, plus whatever you have in superannuation, plus your own home, and you are still not paying tax, he said.

Its a terrific time to be a 65-year-old we are not talking struggle street.

The Grattan report says under current rules, a retired couple with $1.9 million in shares and superannuation would earn $94,500 a year and pay $4049 in income tax, while a 40-year-old couple on a combined income of $70,000 would pay almost $2900 more tax than the retirees.

Ian Yates, the CEO of seniors group COTA Australia, said it would be politically risky to target retirees who were already facing tougher super and age pension restrictions next year.

We are talking about people who are still on relatively low incomes, he said.

If you reduce the private health insurance rebate for lower income retirees who cant afford it, it would without question place extra strain on the public system in terms of things like joint replacements.

Mr Yates said seniors were not eligible for government support payments that younger families received, and there were many other tax loopholes that benefited wealthy Australians much more.

I think the case is more complex than the Grattan document argues, he said.

Mr Daley said about 15 per cent of Australias over-65s paid income tax and he expected some retirees might be upset by Grattans recommendations.

People may say I paid my taxes and I dont have to do it any more, but that is a very shortsighted view, he said.

If you are in the business of budget repair some people are going to be worse off. You either have to spend less or tax more.