The Coalition's super policy — first introduced in the 2017-18 budget — is to tweak an existing tax break allowing up to $300,000 from the sale of a family home to be placed into superannuation without a penalty.
CoreLogic's head of Australian research Eliza Owen says while up to 1.3 million households are eligible for the scheme, only 22,000 people utilised the first iteration of the scheme between July 2018 and May 2021. "Australia does not just have a housing affordability problem, but a housing equality problem," Ms Owen says.
"Unlike the first home loan deposit scheme, or Labor's proposed shared equity scheme, there are no income caps associated with the Super Home Buyer Scheme, making it far more advantageous for young first homebuyers on higher incomes." She says if the government really wants to support older people, they should double the value of Commonwealth Rent Assistance for those who are really struggling.
There is one way to bring house pricing down stop buying them on mass.
This is just assuming that a house for everyone is a financial investment and that the only reason to buy is to get a return on it down the line. What about just wanting to have a house that you can call your own instead of renting for the rest of your life?
Just inflating the bubble even further.
This may get people into their own homes but they still need to be able to afford the mortgage and until there are real wage increases this wont happen.
A predictable takedown of LNP policy by the ABC. Of course headlines around the ALP housing policy were ‘Labor wants to help you buy a house’