Industry bodies will work closely with the Federal Government on its proposed First Home Saver Accounts (FHSAs) initiative.
On Friday, Treasurer Wayne Swan announced that the government would seek consultation with industry representatives in the development of FHSAs.
These accounts will mirror the low tax savings structure that applies to superannuation.
"Many superannuation funds have expressed interest in being involved with FHSA arrangements. The discussion paper will help enable funds to put in place plans to establish and market FHSAs," Association of Superannuation Funds of Australia (ASFA) chief executive Pauline Vamos said.
Investment and Financial Services Association (IFSA) applauded the initiative.
"It's very positive to see the government release these details so soon after the election. We think it's a good step forward and we look forward to consulting with the government," IFSA chief executive Richard Gilbert said.
Industry Super Network said the nature of the homesaver accounts adds to the savings culture created by compulsory superannuation.
"Industry super funds look forward to working with the government on the details of the scheme and in particular taking advantage of the economies of scale to deliver members maximum return for their savings," Industry Super Network executive manager David Whiteley said.
