Scott Morrison has set up a contest over housing affordability by announcing homebuyers will be able to use up to $50,000 each from their super account to get into the market.
Scott Morrison has set up a contest over housing affordability with Labor and the superannuation industry just six days out from the election, by announcing homebuyers will be able to use up to $50,000 each from their super account to get into the market., the money withdrawn for a home, plus the proportionate capital gain, would have to be returned to the homebuyer’s super fund when the property was sold.
Labor’s housing spokesman, Jason Clare, and the superannuation industry condemned the move, saying it would push up house prices and erode retirement savings.Former prime minister and architect of the compulsory super scheme Paul Keating described it as a “frontal assault by the Liberals” on the super system.
But he baulked at backing the Super Home Buyer Scheme which begins on July 1, 2023, giving the government hope it can claw back support in the final week for a come-from-behind victory.Mr Clare said the super policy would put fuel on the fire in terms of house prices and was forcing people to choose between a house and a comfortable retirement.Mr Keating said the Liberals hated the superannuation system.
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