Morrison ignites superannuation culture war in final stretch

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Morrison ignites superannuation culture war in final stretch
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The Prime Minister has gained the political fight he wanted by promising a housing policy that the superannuation industry, the union movement and Labor cannot abide. | David Crowe | OPINION auspol AusVotes2022

Scott Morrison has gained the political fight he wanted by promising a housing policy that the superannuation industry, the union movement and Labor cannot abide.

Morrison knows how to run hard on a dramatic policy idea in the final stretch of an election contest because he did this with the First Home Loan Deposit Scheme during the 2019 campaign, promising a government guarantee over 15 per cent of a mortgage. Will it work? The benefits of the policy depend entirely on assumptions about property values, super fund balances and compound rates of return. Australians are certainly better off if they can own their own home in their retirement. The uncertainty in the policy is the cost of achieving that goal by shrinking their super fund nest eggs.The advantage for Morrison is that he is promising younger voters the freedom to choose what they want to do with their savings.

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