Hands Off Our SuperMedia Releases
Young people in our region may be forced to choose between home ownership and superannuation if a group of Government MPs get their way, Local Federal MP Libby Coker said.
The proposal from a group of Liberal backbenchers would open the door for the government to allow young people to raid their superannuation balances to put towards a house deposit.
Lily Cox, a Barwon Heads local, said while she was keen to enter the property market at some stage, she didn’t want it to come at the expense of her retirement nest egg.
“The generation that came before us didn’t have to make a choice. I shouldn’t be encouraged to dip into my retirement savings to purchase a house now,” she said.
“Of course, I want to enter the property market, but that decision shouldn’t be made at the expense of my retirement funds. Our superannuation system allows the opportunity for every Australian of any background to accumulate wealth and retire in comfort. Why should I be forced to forego that privilege if I want to buy a house?”
Ms Coker has described the proposal as yet another attempt by the Government to “smash and grab” the superannuation sector.
“The Government is already firming up its plans to defer the planned legislated rise in superannuation,” she said.
“Young people are already set to be $100,000 worse off due to previous delay in the increase of the superannuation guarantee.”
“And now they’re suggesting young people should choose between a home now or retirement savings.”
Ms Coker said the Government would be better off supporting first home buyers through the extension of the First Home Loan Deposit Scheme.
“The Liberals want you to choose between retirement savings and home ownership. Labor wants you to have both.”