Listen to the audio
Housing was the centrepiece of the Liberal's campaign launch on Sunday - and in a bid to appeal to young voters increasingly disillusioned with the party - Scott Morrison announced a plan to allow first home buyers to access some of their super for a housing deposit.
It would allow buyers who have already saved five percent to access up to 40 percent of their retirement savings - to a cap of $50,000.
Highlights
- Shadow Treasurer Jim Chalmers is calling the plan for young people to access their super - an "act of economic vandalism"
- Prime Minister has also come under scrutiny today over reports the US insisted Australia secure the support of both major parties before signing the AUKUS agreement
- Greens include dental and mental health in medicare, no new coal and gas, building affordable housing, free childcare, wiping student debt, lifting income support and progressing the Uluru statment from the heart.
Critics have raised the alarm on the policy - over concerns it will increase housing prices - as more people enter the market.
Speaking on ABC Radio, Superannuation Minister Jane Hume has already conceded that could happen:
"I imagine there would be a lot of people that bring forward their decision to buy a house so I would imagine in the short term you might see a bump in house prices."
If the house is sold later on, the funds must be returned to superannuation with a share of capital gains.
Scott Morrison - campaigning in outer Brisbane - denies it will put more immediate pressure on the market - saying the policy will work in conjunction with a separate plan to incentivise older Australians to downsize.
"It works hand in glove with policies that we've put in place to help those at another stage in their life to downsize. Now, this does two things. It ensures that we are reinforcing people's retirement savings, but we're also freeing up more supply."
