Greg Aplin MP
Shadow Minister for Housing
Shadow Minister for Housing Greg Aplin has today dismissed as desperate and impractical a petition by the State Minister for Housing to the Federal Treasurer to allow access to superannuation funds for the purchase of homes.
“Minister Burton is clearly bereft of ideas if this is all she can bring back from a meeting between State and Territory Housing Ministers and the Commonwealth Government,” said Mr Aplin.
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“The House of Representatives Standing Committee on Economics, Finance and Public Administration yesterday tabled its report on ‘Improving the superannuation savings of people under 40’ and the committee unanimously rejected allowing early access for housing purchase," he said.
“The Committee, which included four ALP members, found preservation of superannuation should not be eroded by releases allowing early access to funds.
“Additionally, the Committee stated that superannuation taxation concessions are provided by government to encourage savings for retirement purposes only, not for pre-retirement expenditure.
“The committee concluded that muddying superannuation’s purpose with early access schemes will not only increase complexity but will introduce inequities in the system and could result in adverse consequences like price inflation.
“Instead of trying to divert the focus from the State’s problems, the Minister should encourage the Premier to adopt the Liberal/Nationals housing industry and homebuyer rescue package.
“This package was announced by NSW Liberal Leader Peter Debnam and me to help first homebuyers enter the market, encourage greater availability of new low-cost rental properties and support the next generation of skilled workers in NSW.
“A recent report for the Property Council of Australia found that a quarter of new home costs is made up of taxes and compliance costs ranging up to $199,000 or 34 per cent of the price of a new house in Sydney’s north-west.
“The Minister needs to have a hard look at these taxes and charges and their impact on housing affordability before she takes pot shots at either the Federal Government or people’s retirement savings,” said Mr Aplin.
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