The Coalition’s plan to allow Australians to use their super for housing would disproportionately help wealthier people buy more expensive homes.
For decades after World War II, Australia was a nation of homeowners. But in recent decades, homeownership has fallen fast. In 1981, two-thirds of 30 to 34-year-olds owned their own home. By 2021, it was just 49 per cent.
Allowing a major cohort of Australians to access their superannuation all at the same time would also add even more demand for housing, which would then push up prices, particularly within the already highly competitive lower end of the property market. But the price impact would be much smaller than the $75,000 jump
People who have recently paid a big stamp duty bill would understandably feel aggrieved if the rules changed, and they received a land tax bill soon after. And the more painless any government makes the transition, such as by exempting them from paying land tax for a period, the bigger the budget cost.
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