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Coalition super plan faces criticism

Australian Prime Minister Scott Morrison and Liberal candidate for Blair Sam Biggins during a visit to the Fourthchild Cafe Restaurant on Day 36 of the 2022 federal election campaign, in Ipswich, in the electoral division of Blair, Monday, May 16, 2022. (

Prime Minister Scott Morrison and Liberal candidate for Blair Sam Biggins campaigning in Ipswich, QLD. Source: AAP

The Prime Minister is defending his party's plan to unlock super for first home buyers - despite warnings it could drive up house prices further, and hurt retirement savings in the long term. Scott Morrison is also on the back foot over reports the US wanted AUKUS to have agreement from both major parties before signing - even though Labor was only told a day before the announcement.


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.

Critics have raised the alarm on the policy - over concerns it will increase housing prices - as more people enter the market.

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.

The 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 - despite Labor only being told about it a day before the announcement.

 

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