‘Another frontal assault’: Paul Keating weighs in on Coalition’s superannuation scheme

Former Prime Minister Paul Keating has condemned the Liberal Party’s (LNP) new home buying scheme allowing Australians to dip into their superannuation to help buy a home.

Prime Minister Scott Morrison announced the housing policy on Sunday, May 15, which will all0w first-home-buyers to access 40 per cent or $50,000 of their retirement savings to buy a house.

The LNP says the scheme will speed up the process of saving for a deposit, effectively relieving the stress of home buying.

The New Daily reported Keating slammed the plan in a statement saying it was “no more than another frontal assault by the Liberal Party on the superannuation system”.

“The Liberals hate the superannuation system – they object to working Australians having wealth in retirement independent of the government,” he said.

“The superannuation taxation concession exists solely to produce a retirement income for people. Its key is preservation.”

Keating said the home buying scheme should be the nail in the coffin “to put this intellectually corrupt government to death”.

“The Libs believe ordinary bods should be happy with the age pension. Let them know their place,” Keating said.

The full Paul Keating statement on the super for housing plan #auspol pic.twitter.com/t75dLRhlUN

— Patricia Karvelas (@PatsKarvelas) May 15, 2022

Assistant Treasurer and Minister for Housing Michael Sukkar said the proposal brings hope and provides an opportunity to those who may have otherwise missed out.

“The Liberal and National Government are fundamentally committed to helping more Australians achieve their dream of home ownership,” Sukkar said.

“By allowing people to access their super and buy a house, we are providing the opportunity to turn that dream of home ownership a reality.

“Allowing your super to work for you to purchase your first home and then being returned to your super at a later date achieves the best of both worlds – home ownership and retirement security.”

Morrison said the Coalition’s “plan for the future is focused on supporting more Australians to realise their dream of home ownership”.

“Super should be harnessed to support the aspiration of many thousands of families who want to buy a home,” he said in a statement.

“Our Plan makes it easier for first home buyers to save for a deposit, reducing the time people need to pay rent, and also means a smaller mortgage with less debt and smaller repayments.

“It’s a Plan that gets the balance right – it utilises money that’s currently locked away to transform a family’s life, with the money then responsibly returned to the super fund at the time of home’s sale.”