Under Scott Morrison’s plan, Australians could use up to 40% of their super to help buy their first home.Under Scott Morrison’s plan, Australians could use up to 40% of their super to help buy their first home.Every Australian worker will be up to $30,000 worse off in retirement under Scott Morrison’s flagship policy allowing people to raid their superannuation to help buy a home, according to Industry Super Australia analysis.
“Super is meant to be for people’s retirement, not supercharging house prices and pushing the home ownership dream further away.”, people would be allowed to withdraw up to 40% of their superannuation, to a maximum of $50,000. They would be required to return the money to their fund when they sell the property, together with a share of any capital gain.
He also pointed to New Zealand, where workers are allowed to use their Kiwisaver superannuation accounts to help fund a home deposit. ISA said that if Kiwisaver’s performance was replicated in Australia a 30-year-old on about $60,000 wages with a $20,000 starting balance could receive as much as $131,600 less in retirement.
Good point
With Labor states banning hundreds of thousands of Aussies from working with mandates which crippling all industries and the economy along with destroying lives, if Labor win election the entire country is doomed anyway
yes but its about busting the unions power that comes from universal super ,the lnp just hate how well the unions manage and the commercials get lower returns ,the lnp just hates universal super, full stop .....
Oh look a group with a vested interest in keeping as much money as possible in the super system and away from those who actually own it thinks its a bad idea to let people use their own money... I'm shocked...