Coalition’s super for housing debacle

The Coalition’s super for housing agenda is bad for superannuation and bad for home ownership.

These are the findings of a Government Senators’ Dissenting report into the Coalition’s controversial super for housing policy tabled today.

In 2022, the Coalition took a widely panned policy to the election to allow people to withdraw $50,000 from their super for a house deposit.

Now a Coalition-majority inquiry recommends tripling – or even uncapping – that amount.

Government Senators found this would:

• Push house prices up further.
• Disadvantage young home buyers who wouldn’t have enough superannuation to compete in an even hotter housing market.
• Reduce superannuation balances in retirement.
• Increase the tax burden on future generations.

 

Quotes Attributable to Senator Jess Walsh, Deputy Chair

 

“This Coalition super for housing idea is just an embarrassing debacle.  There’s no evidence to support it.  Everyone knows emptying super accounts will push house prices up, and then leave Australians without super to retire.”

 

“The more money the Coalition want you to take out, the higher house prices go, and the less you’ll have to retire”.

 

“This is disastrous for young people, who don’t have enough super to even compete in the Coalition’s supercharged housing market.”

 

“The best way to get more people into homes is to build more of them. But the Coalition has literally nothing to say about how they’ll increase supply. Where is their plan to build the homes Australians need?”

 

Media Contact:       

Riley Geary (Walsh) – 0402 261 235