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Independent Member for Clark, Andrew Wilkie, has warned the Federal Government’s plan to allow young Australians to access their superannuation to help fund a house deposit could end up hurting the very people it is designed to help.

“While it will no doubt help some people into an incredibly difficult housing market, it is unlikely to do anything to tackle the underlying issues of affordability and indeed availability,” Mr Wilkie said today. “Eminent economists have already warned such a scheme will in fact push up house prices.

“Many Australians have already dipped into their super during the pandemic. By letting them to take up to 40 per cent of their super fund balance, the Coalition could end up hurting the very people it is trying to help. Superannuation is meant to be a nest egg for retirement, not an everyday savings account to be repeatedly raided for other purposes. What’s next? Accessing your super to do some landscaping?

“We can’t just keep tinkering around the edges of Australia’s housing crisis. What’s needed is a National Housing Strategy as precious little is still being done to help those trapped on the rental roundabout or living in tents and cars as they struggle to access social and affordable housing.

“Coupled with an increase in Commonwealth Rent Assistance, more crisis and supported accommodation, additional social and public housing, a boost in Centrelink payments and reforms to capital gains tax and negative gearing, a national approach with a firm focus on low-to-moderate income earners would go some way towards easing the housing squeeze for good.”