Leave super for retirement: Murray

David Murray, the head of the financial system inquiry, does not believe superannuation savings should be used to buy property.

David Murray, chair of the Financial Services Inquiry

Superannuation should be for retirement, not for buying a house, financial guru David Murray says. (AAP)

Superannuation savings should be for retirement, not for buying a house, the head of the Abbott government's financial system inquiry says.

David Murray's comments come after the federal government said it was considering allowing people to tap their super to help buy a home.

"To divert money into housing at any stage during the build-up in superannuation savings is not consistent with having a good retirement income system," he told Sky News on Tuesday.

"It should be there for retirement."

The former boss of the Commonwealth Bank and the Future Fund said if money was taken out of super for housing during a person's working life, some money from that housing should be put back into a retirement income when they retire.

"I don't think that would be a very attractive solution, but it would at least level it up," he said.

Treasurer Joe Hockey is due to respond to the financial system inquiry recommendations this month.

Mr Murray handed over his findings in December.


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Source: AAP


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