Master Builders Australia has reportedly called for early access of up to $50,000 from superannuation for first home buyers, to be placed towards the purchase or construction of a house.
The body also proposed the government inject $5.1 billion in stimulus measures for the building and construction industry in the federal budget, as it looks towards a forecast of a devastating demand shock in 2020 and 2021.
ASFA chief executive Martin Fahy slammed the idea on Wednesday, as the industry body urged the government to release the pending Retirement Income Review.
“The proposal does nothing to address the supply side constraints at the heart of housing affordability and will instead channel the badly needed retirement savings of young Australians into the hands of speculators and property developers,” Dr Fahy said.
“The unemployment crisis faced by vulnerable sectors such as construction, hospitality and retail, requires a co-ordinated and comprehensive fiscal response from the Australian [government].
“With interest rates at an all-time low and government borrowings the lowest in the OECD, Australia needs a Marshall Plan-like stimulus to protect Australians from the scourge of long-term structural unemployment.”
ASFA has demanded the government table the final report from the Retirement Income Review in its next sitting of the federal parliament.
“The increase in damaging speculation around the future of our retirement settings is undermining confidence in Australia’s retirement system and superannuation’s ability to help ensure Australians have a dignified retirement,” Dr Fahy said.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
