Scott Morrison has announced a plan to allow first home buyers to use their superannuation to get into the property market. auspol federalelection auspol ausvotes
Prime Minister Scott Morrison has picked a policy brawl with Labor to shape the final week of the election campaign by unveiling plans to allow first home buyers to withdraw up to $50,000 from their superannuation to get into the property market.
“You don’t get everything right. I’ve never pretended that I have. But I tell you what, I never leave anything on the field. “The Libs believe ordinary bods should be happy with the age pension. Let them know their place. If the public needs yet another idea to put this intellectually corrupt government to death, this is an important offence – and with the government, its unprincipled prime minister.”
Industry Super Australia chief executive Bernie Dean mounted a similar argument by estimating the use of super savings would drive up property prices by 16 per cent in Sydney, 9 per cent in Melbourne, 8 per cent in Brisbane and 14 per cent in Perth. It could be used only by people buying their first home who have saved at least 5 per cent of the deposit and who would live in the home at least one year.
The downsizing policy creates an incentive for people to sell large homes as they age, potentially increasing supply for younger buyers, but it does not force any sale. Albanese said Labor would match the policy.
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