A key Liberal backbencher wants homeowners to be able to use superannuation to pay off their mortgages. | EXCLUSIVE By rachelclun and jamesmassola auspol AusVotes2022
A key Liberal backbencher wants homeowners to be able to use superannuation to pay off their mortgages after the Coalition revealed first home buyers could use it for house deposits – a policy former prime minister Malcolm Turnbull said would inflate home prices and undermine retirement savings.
“You should look at all these different options about how we can allow people to leverage their own money. I mean, I’m not in favour of a massive amount of restrictions here.”said the 2020 retirement income review made it quite clear that Australians are retiring with more than sufficient super assets.“If the point of super is to provide financial security for people in retirement, the primary thing we should focus on is helping people own their own home,” he said.
In a costing request to Treasury on Monday evening, the Coalition estimated both the superannuation access and the policy toand put up to $300,000 into their super would cost taxpayers $321 million over the next four years. Fraser said there was still a case for super funds to help ease pressure on supply by investing money in the provision of social housing.On Monday, Morrison would not be drawn on whether the Coalition had modelled the policy’s impact on house prices, saying it worked in conjunction with its downsizing plan.
Independent economist Saul Eslake said the Coalition’s policy was one of the worst ever proposed to deal with soaring house prices.
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