“You put it against your first home; once that first home is sold, the principle plus the proportionate capital gain is put back into your super,” he told Sky News host Peta Credlin.
“You’re still sort of investing that money towards your retirement, but just against the value of your house rather than the share market.”
“You’re still sort of investing that money towards your retirement...' excellent! I always like to invest based on 'sort-ofs'
This greedy liar is destroying our super and pension system. Bin him for your future and a better Australia!
Can you imagine if the people in the floods or in the bushfire affected areas had done this? The amount of money that this will need to be will make it unrealistic for first home buyers unless they are nearly 40.
Some quick numbers the average super for someone under 30 is around $35,000 40% $14,000, av home $450,000 experts advising housing will increase by 3% $13,500 do the maths. This is a brain fart by a disparate economic vandal who will destroy Super savings of young Australians.
Anything to avoid Negative gearing. auspol
It's clever if you want to be seen to do something but ignore the problem altogether. 😀 auspol
raidingsuper is notcleverPhilCoorey
Not very clever if you lose your job.
Without liberal’s in government there’s no more taxpayer funded newscorpse gravy train
The long term plan here is to force more retires into taking up reverse mortgages to cover the Superannuation they would of otherwise saved with compound interest. Then when they die, that one big asset will be owned by the bank or finance company.
Even if it ever got introduced, this ill-conceived brain fart won't last Chances of future governments policing this in 10, 20 or 30 years time, zero. Does nothing to add to supply of entry level housing, nor does down sizing policy.
Is Coorey being sarcastic?
LNPDisgrace LNPLast Vote1Labor AlboForPM
Sounds like a plan that may work. Super is never going to be enough for anyone so maybe put it to good use while you can
THERE ARE GOOD REASONS WHY YOU DONT TRUST AN LNP CHEERLEADER JOURNALIST WITH YOUR HOUSING AND RETIREMENT FINANCIAL ADVICE…ONE REASON IS THEY WONT GIVE A CRAP IF YOUR BROKE AND STARVING IN OLD AGE.. ONLY THAT LONG AS MORRISON GETS RE-ELECTED
Stupid sheeple win stupid prizes.. DONT BE SUCKERED BY MORRISONS POLITICALLY DESPERATE GROSSLY ECONOMICALLY IRRESPONSIBLE SHORT TERM FINANCIAL DISASTER
PhillipCoorey Phillip ...Why did Joe Hockey rush pull the plug on it when floated this idea of using your super for home ownership in 2015? Last year Tim Wilson raised it last year and it failed...same response ...everybody though it was too stupid. JulianHillMP in March '21
Economists think it’s a disaster..
Someone from The Australian said that? 😂😂😂😂
The clever part is to retire with a healthy industry super and house
Clever for builders and existing home owners. Not clever for superannuants. Put pressure on supply for more affordable housing, rather than demand which makes it more expensive. Super is not really our earnings, it's a concession we get on our pay to be used in retirement.
This is a pitch to homeowners as the value of their property will increase
AlboForPM auspol IHateMorrison
Dumbest idea I have ever heard! IHateMorrison auspol
The person is poorer in old age
Then force oldies to take reverse mortgages when they can't afford retirement. Bidding up shelter instead of diversifying industry. Lucky country indeed
What a pathetic b s idea.
Australia is a big country. Release more land, and invest in regional so Australians want to live there.
No balance at all is there sky news
Better than losing it in a global Financial crises?
The only clever bit about it is that they’re about to lose and will never have to deliver it.
BS even the AFR dont like it
Is phill in love
desperately repeating Murdoch party line is not news, just propaganda.
AFR...its not rocket science...or do you need MATHS 101 explained too
So Mr P M u did not do Nothing U teling them Simply Take part of ur Money 🤔🤔🤔😡
The government could sell a turd and Phil Coorey would still write about how amazing that turd is for Australians.
Stop promoting wrong advice SkyGossip
Let’s hear from the Secretary-General of the Organisation for Economic Cooperation and Development, Mathias Corman, previous Minister for Finance, Aust Govt, LP. He has always said “NO, not clever”.
PhillipCoorey that’s not clever, has all the issues been explained, Tax, who monitors that funds went to home purchase, ditto on sale capital gains proceeds contributions, what if purchase falls through, divorce, death, too many to list, plus no info.
Genius 🙄
The real clever part is people are taking their money out of the Union owned Super Funds, decreasing their value and putting the money back with the people. 👍
Scott Morrison is finished in politics Private polling shows he's about to suffer the biggest defeat in Australian election history..
And getting hit with 15% contribution tax when your required to put the amount taken out back in to super. 🤦
Clever I think you mean “dumb as fuck”…..
What's clever about that? Oh, I get it. Scott won't be the PM in 30 years when you have zero retirement savings.
And also the most dangerous ausvotes
worstOfAuspol
Well according the the coalition’s own reports it’s the stupidest thing ANYBODY could do auspol ausvotes ScottyTheCompletePsycho AlboForPM
The stupid part is when you realise the property that was available to buy at $500k is now $600k. You are competing with boomers who just sold their big property for a tax give away. Your mortgage is higher when interest rates are about to shoot up You have raided your super
WOAH that's how it works.
I couldn’t count the amount of young people and older that have either been completely ripped off or had the lesser amount of super paid by employer. Small businesses better have the books ready. For the great cash in