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Scott Morrison, Anthony Albanese continue the campaign; Retiree policy for first home buyers refuted by Labor; Michael Sukar defends the Coalition’s housing policy; Albanian collects universal childcare, paid childcare leave, royal commission COVID

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Federal Housing Minister Michael Sukar defended the coalition’s new pension policy, saying critics simply wanted “control” over people’s supermarkets.

The super housing policy will allow first home buyers to use up to 40 percent of their pension (no more than $ 50,000) on deposit to enter the real estate market if the coalition wins the election and passes laws to begin the scheme from July next year.

Minister of Housing Michael Sukar. Credit:James Brickwood

“I think we’ve got a lot of support from the first homebuyers and people in the industry,” Sukar told Sydney Radio 2GB.

“I think ordinary beneficiaries in the system who see retirement money as their money, not your money, criticize the scheme.

“But we fundamentally believe that super belongs to people, it belongs to them, it’s their money, and they should be able to use it as they want.”

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Sukar said the scheme was designed to combat the most difficult element of buying a home – the accumulation of a deposit – and called it a “well-calibrated policy” as it requires homeowners to return the money they retired when they sell their home.

“This policy really allows for the best of both worlds. It allows you to use part of your super as long as you need it … and then when you end up selling that property, you re-contribute it and part of any profit back to the super so it maintains balance, ”he said.

“We know that the first home buyers will keep their first home for an average of eight years, so during that time they should and historically originated in their home.”

Yesterday, the Financial Services Council – which represents pension funds, financial advisers and life insurers – warned that house prices could rise under the scheme without increasing supply, given the potential flow of new buyers.

https://www.watoday.com.au/national/election-2022-live-updates-labor-coalition-debate-housing-and-superannuation-as-the-campaign-enters-its-final-week-20220516-p5alkk.html?ref=rss&utm_medium=rss&utm_source=rss_feed

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