The New Daily reports that the Coalition may relaunch its policy of allowing Aussies raid their superannuation nest eggs to purchase a home if elected.
This comes after the policy’s biggest advocate, Andrew Bragg, was promoted to shadow assistant minister for housing on Tuesday.
Bragg has repeatedly called for Aussies to be allowed to access their superannuation savings for housing deposits and mortgage offsets.
“Home ownership has an unparalleled economic and social benefit”, Bragg said on Tuesday.
“The key determinant of success in retirement is your home-ownership status, not your super balance”.
Michael Sukkar, shadow minister for housing and Bragg’s boss, said following the appointment that the Liberal Party will continue to enable people to draw $50,000 from their superannuation for housing costs, and that if elected, the program might be expanded.
“We will have more to say about that policy and the range of other policies”, Sukkar said to the ABC.
“It will be refreshed in the context of what we take to the next election”.
This is more junk demand-side policy from the Coalition.
Like first-home buyer grants and shared equity schemes, this policy will inflate home prices further, locking more lower-income first-home buyers out of the market.
The policy would also increase housing inequity since the Coalition’s Super Home Buyer Scheme does not have income caps.
Thereby, the Coalition’s policy would make it far more advantageous for young first-time homebuyers on higher incomes.
