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Minister right to pour cold water on flawed super for house deposit plan

  Published: 19 Feb 2021

Superannuation Minister Jane Hume has pushed back on a government backbencher’s extreme plan that would make Australians sacrifice their super to buy a house.

The fundamentally flawed plan would jack-up house prices, inflate mortgages for first home buyers – leading them to retire with far less and become far more reliant on the aged pension.

The taxpayer would then be forced to pay billions more into the aged pension, which could lead to higher taxes.  

Minister Hume dismissed the proposal when asked during an interview on Sky News yesterday1:

Minister Hume: “At this stage there is no plan to allow Australians to access a deposit for their home through superannuation … superannuation is to save for your retirement, we want to make sure Australians have the best retirement outcomes possible”

Peter Stefanovic: “That’s a no then, that’s a no then minister.”

Minister Hume: “Your words, that’s right”

*The above material, whilst correct at the time of publication may include references or statements which are no longer current.

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