Lower support for Labor tax plan: Newspoll

Opposition from retired Australians to Labor's plan to scrap the refundable tax credits on shares is growing, according to The Australian.

Forty-eight per cent of those surveyed are opposed to the proposal, while support for the it has dropped three percentage points since March, from 33 to 30 per cent, a special Newspoll carried out for the newspaper shows.

Labor wants to reform the system that allows share investors, who technically don't earn a taxable income, to get government cash refunds for share dividends.

Accountants have warned Labor's plan to end the cash handouts for share investors will push more people on to the aged-pension, but social groups say the change will help fund key services.