Former Prime Minister Paul Keating has described the Liberal party’s policy to allow people to access superannuation to obtain housing deposits as “another frontal assault by the Liberal Party on the Superannuation system”. I agree with Mr Keating.
In a statement today, 15 May 2022, Mr Keating, who was the architect of the superannuation scheme, says the policy is an attack on the role of government in public life. Further, Mr Keating said:
“The Liberals hate the Superannuation system – they object to working Australians having wealth in retirement independent of the government.
The Libs believe ordinary bods should be happy with the Age Pension. Let them know their place.
The Superannuation taxation concessions exist solely to produce a retirement income for people. Its key is preservation. Accumulated funds preserved to age 60 so working people secure the power and benefit of compounding.
Preserved, Superannuation savings, double roughly every eight years. Over a 40-year working life, at 12% contributions, savings should accumulate to approximately $2million in today’s dollars.
Too good for them, says the Liberal Party. We’ll let them pilfer it away in the supposed good cause of housing deposits. Next it will be aged care or longevity or paying out HECS debt – anything to puncture the pool of money they do fervently hate.
If the public needs yet another idea to put this intellectually corrupt government to death, this is an important offence – and with the government, its unprincipled Prime Minister.”
I concur again with Mr Keating. The Morrison Government have failed in their economic management overall, including housing, as they have allowed prices to surge and there is now a lack of supply of affordable housing, which has resulted in the cost of housing reaching a level that now places owning a first home out of reach for many young families. Indeed, it’s highly unlikely many first home buyers would have enough super to make a deposit on a home, but in any event accessing superannuation is killing two elements of the economy with the one stone.
The proposed housing solution policy being put forward by Anthony Albanese and the Australian Labor Party is the only sensible solution to the housing crisis.
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