Federal election 2022: Anthony Albanese, Mark McGowan slam Liberal party’s superannuation for houses plan

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Annabel HennessyThe West Australian
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Anthony Albanese and Mark McGowan have looked to tear down the Government’s new plan to get first home buyers to use their super to enter the property market, describing it as an ‘attack on future generations’.
Camera IconAnthony Albanese and Mark McGowan have looked to tear down the Government’s new plan to get first home buyers to use their super to enter the property market, describing it as an ‘attack on future generations’. Credit: The West Australian

Anthony Albanese says the Government’s new plan to get first home buyers to use their superannuation is an “attack on future generations” that will leave more people dependent on the pension when they retire.

The Labor Leader also claimed the Government’s scheme would push up property prices and that his own housing policy included plans to increase supply to stop this happening.

“The Government in its desperation has come up with a thought bubble yesterday that, according to itself has not been modelled,” Mr Albanese said at a press conference at Bentley Hospital in Perth today.

“Our policy includes the establishment of a housing supply and affordability council, working with Mark McGowan and other State premiers and chief ministers on how we have a national strategy to increase supply of housing.”

“The key is you’ve got to increase supply. If you want to deal with some of the housing affordability issues... we have a policy for 20,000 additional social housing dwellings, 10,000 affordable housing dwellings for essential workers, emergency housing for women and children escaping domestic violence.”

Encouraging people to withdraw from their super to buy housing would cost the Government more down the line, Mr Albanese said.

“If you take super away from people, then you’ll have higher deficits and bills from the Government in the future. What super is about is making sure that people can retire with a decent income,” he said.

“That is the purpose of the superannuation system was designed to give people a comfortable retirement. If you get people’s super savings. That means down the track, more people dependent upon the pension, more pressure on budgets in the future. “

He said Labor’s Help to Buy scheme, which would allow first home buyers to purchase property with the Government owning up to 40 per cent shared equity, was “measured” and the idea had previously been supported by Scott Morrison himself.

“It will make a difference in terms of increasing supply and putting putting a roof over people’s heads. I know the benefit of a secure roof over your head into my life. It’s how I have got to a position of the son of a single mum who grew up in public housing to be running for Prime Minister of this country,” he said.

Anthony Albanese says the Government’s new plan to get first home buyers to use their superannuation is an “attack on future generations” that will leave more people dependent on the pension when they retire.
Camera IconAnthony Albanese says the Government’s new plan to get first home buyers to use their superannuation is an “attack on future generations” that will leave more people dependent on the pension when they retire. Credit: Supplied

Mark McGowan who appeared alongside Mr Albanese at the press conference likened Federal Labor’s scheme to WA’s existing Keystart program.

“Keystart was set up in Western Australia. It’s operated since then and essentially if you’re a first home buyer, and you’re under the income caps income limits, you can get a home deposit or you can get a home loan with a 2 per cent deposit,” he said.

He said if Mr Albanese was elected the Federal policy would “work cooperatively” with WA’s scheme.

The WA Premier also critcised Mr Morrison’s superannuation plan, saying it would be harmful to Australia’s national economy.

“The idea that we take money out of superannuation just handicaps people when they head for retirement and secondly, is it vandalises the national economy,” he said

“Superannuation schemes invest in productive activity across Australian businesses... if you take money out of superannuation, you’re basically taking away the productive capacity of Australia.”

“ This is a last minute electoral effort by the Prime Minister, but it is against the national economic interest to take money out of superannuation, which then you lose investment in productivity.”

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