Sunday 28th of May 2023

new promises worse than abbott's lies, with no value added and love at first sight…...

Scott Morrison has made housing policies for young and old a central part of his address at the Liberal Party’s official campaign launch, days before Australians go to polling booths.

A re-elected Coalition government will allow first-home buyers to access their superannuation to buy a home, while people over 55 will be able to put $300,000 in their retirement nest egg from the proceeds of downsizing to a smaller home, freeing up larger properties for families.

“Superannuation is there to help Australians in their retirement,” the Prime Minister told the party faithful in Brisbane on Sunday.

“The evidence shows that the best thing we can do to help Australians achieve financial security in their retirement is to help them own their own home.”

Under the Super Home Buyer Scheme, first home buyers will be able to invest up to 40 per cent of their superannuation, up to a maximum of $50,000, to help with the purchase of a first home.

The scheme will apply to new and existing homes with the invested amount to be returned to their superannuation fund when the house is sold, including a share of any capital gain.

Downsizing changes

Meanwhile, from July 1 up to 1.3 million empty-nesters and pensioners will be able to access incentives to downsize their houses, in a plan to help more families get a home.

Pensioners who downsize will also be given greater flexibility by exempting the proceeds of the sale of the property from the assets test for a longer period.

This change means pensioners will now have two years to structure their assets following the sale of their home without impacting their pension.

Currently this benefit is available to Australians over the age of 65 and making this change will see up to 1.3 million people become eligible to access it.

Housing Minister Michael Sukkar said it had been a successful policy since 2017.

“We know it works, we know it is freeing up housing stock, those larger family homes for other people to be able to purchase,” Mr Sukkar told Sky News’ Sunday Agenda program earlier.

“It is removing the barriers to downsize and essentially for couples being able to put up to $600,000 into a concessionary taxed environment like super.”


Labour pledges its support

Labor senator Murray Watt said his party would always back a good idea.

“We will support this one. We think this is a good idea worth taking on,” he told Sky News.

“But the reality is that just one announcement from this government after nearly a decade in office is not going to fix the housing crisis we see in Australia.”






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retire, downsize and die….

Pensioners, self-funded retirees and working older Australians are being offered new financial incentives to sell their family home earlier and downsize to something smaller.

Key points:
  • Scott Morrison will announce the policy at the Liberal campaign launch in Brisbane on Sunday
  • The policy will extend a tax break that allows certain proceeds from a home sale to be transferred to superannuation
  • Proceeds from the sale will be exempt for another year for pensioners selling the family home under the policy

The Prime Minister will use today's Liberal campaign launch in Brisbane to unveil the new policy, aimed at freeing up larger homes in the property market for younger families.

The policy has two key planks — the first is an extension of an existing tax break allowing up to $300,000 from the sale of a family home to be placed into superannuation without a penalty.

The second is another tweak encouraging pensioners to sell by exempting the proceeds of the sale from the assets test for two years instead of one.

Prime Minister Scott Morrison said it was aimed at clearing hurdles for older Australians to sell their home and put more larger properties on the market for those looking to get in.

"We are now giving Australians more choice to decide how they want to live the next stage of their life by removing financial barriers for people wanting to downsize their home," Mr Morrison said.

"By removing barriers for Australians downsizing to residences that better suit their needs and lifestyle, we are helping to free up larger homes for younger families".

Federal Labor has promised to match the policy, with Opposition Leader Anthony Albanese describing it as a "modest" policy.

"This suggestion by the government is a practical one," Mr Albanese said.

"We will support it, but we will have much more in our offer to the Australian people next Saturday."










a stupid stinking idea….

A Coalition plan to allow first-home buyers to use their superannuation to buy property has been slammed as a “frontal assault” on super that would light a fire under house prices.

Announced at the party’s campaign launch in Brisbane on Sunday, the policy would allow first-home buyers to use up to 40 per cent of their superannuation savings, up to a maximum value of $50,000, to help buy a home.

The uncapped ‘Super Home Buyer Scheme‘ would apply to new and existing homes, with the invested amount and a share of any capital gain to be returned to home buyers’ superannuation funds once they sell their property.

Prime Minister Scott Morrison told the campaign launch that helping young voters buy their own homes was the best way to help them achieve financial security in their retirement.

But economists said the policy would drive up house prices while former Labor leader Paul Keating, the architect of the compulsory super system, said it amounted to “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,” Mr Keating said in a statement.

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

“If the public needs yet another idea to put this intellectually corrupt government to death, this is an important offence – and with the government, its unprincipled Prime Minister.”








(Bold by Gus)