IN BRIEF
- Under a newly proposed One Nation policy, Australians could access their superannuation earlier and more easily.
- Social Services Minister Tanya Plibersek said it would leave Australians "worse off in retirement".
One Nation has proposed a new plan to make it easier for Australians to access their superannuation.
The party's plan would allow Australians paying rent or a mortgage to divert a portion of their superannuation directly to their wallet for up to three years.
Employers would still pay the 12 per cent compulsory super contribution, but the super fund would pay 3 per cent to customers who opt in to the plan.
These payments would be taxed at the concessional rate of 15 per cent rather than their personal income tax rate.
One Nation leader Pauline Hanson said the policy would give those struggling with the cost of living crisis "breathing room".
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"That's a real boost to help you pay the rent or the mortgage," she said.
Hanson said it would leave room for "groceries, power bills and the costs of raising a family".
"Your existing super won't be touched. Not one dollar," she said.
"This only applies to future contributions. If you take the boost, at least 9 per cent will continue going towards your retirement and the choice is limited to three years."
Party member Barnaby Joyce told Seven the policy would give Australians access to their own money.
"People aren't stupid. We give them credit for more brains than the Labor party does," he said on Monday morning.
"This is about giving you your own money."
Joyce described the current process of accessing superannuation as "incredibly convoluted".
He said that if access is granted, the amount retrieved is taxed between 17 and 22 per cent.
When questioned if One Nation would clarify the impact of minimising super contributions on a person's retirement, Joyce said people are "competent enough to work that out for themselves".
One Nation plan 'nothing more than a headline', Liberals say
Social Services Minister Tanya Plibersek has hit back at the policy, saying Australians who opt in would be "thousands of dollars worse off in retirement".
"It's obvious One Nation wants you to raid your super instead of getting a pay increase," she said.
"We support higher wages and better super when you retire."
Deputy Liberal leader Jane Hume accused One Nation of using the policy to vie for media attention.
"This so far is nothing more than a headline," she told ABC News Breakfast.
She said One Nation leaders are yet to explain how the policy would work.
"One Nation does have a bit of a habit of putting out a headline and putting out on details — they don't think this is a serious thing."
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