Thursday 30th of June 2022

hopefully, the last episode of "scum truck" in the australian political skies…….

Capt. Kirk (John Belushi), Spock (Chevy Chase) and Dr. McCoy (Dan Aykroyd) encounter network executives (Elliott Gould, Garrett Morris) who announce Star Trek is cancelled. Aired 05/29/76

 

https://www.youtube.com/watch?v=Sx0xOgFDXFg

 

The Coalition’s superannuation-backed first-home buyers scheme would push up property prices by as much as $134,000 while failing to expand the supply of housing, economists have warned.

The scheme, announced on Sunday, six days before Australians go to the polls, will allow first-time buyers to take up to 40 per cent of their super balance to a maximum of $50,000 out of their superannuation to buy a home.

The open-ended scheme would have a significant effect on the housing market and could even push up property prices by a factor of five times the amount withdrawn by buyers, according to Angela Jackson, lead economist with Impact Economics.

“I’ve seen some research from Deakin University which shows that Victorian state government first-home buyer schemes leverage the grant up by a factor of eight,” Dr Jackson said.

In that case a $10,000 grant would result in an $80,000 increase in the amount able to be borrowed, which would ultimately push up home prices by that amount.

However, given that the Coalition’s Super Home Buyer Scheme would deliver differing amounts to home buyers depending on their super balances, the leverage would be lower than the Victorian program.

But the increases would still be significant, Dr Jackson explained.

“It would probably leverage up five times, so if you withdraw $10,000 [from super] the potential borrowings might be leveraged up five times to $50,000,” she said.

 

Research from Industry Super Australia found that the Coalition scheme would likely push up house prices by between 6 and 16 per cent depending on the demand and supply in individual capital city markets.

The highest price jump would be seen in Sydney, where prices would rise 16 per cent, or $134,000.

The lowest would be in Hobart, where prices would jump 6 per cent, or $26,100, ISA found.

Current owners benefit

The Coalition plan demands home buyers pay back their loan from super with a capital gains component after their first house is sold.

This means participants would be hit by the higher house prices when they purchase a subsequent home, Dr Jackson said.

“House prices have gone up, which means the deposit requirements have gone up anyway [on the second house they buy],” she said.

“They’re not going to get any greater access to the housing market as a result.”

The people really benefiting from this scheme will be those who currently own houses and either sell them to those using their super or just hold onto the property and enjoy the capital gains, Dr Jackson said.

 

 

READ MORE:

https://thenewdaily.com.au/finance/superannuation/2022/05/16/morrisons-housing-scheme-prices/ 

 

 

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throwing petrol on a bonfire….

Labor leader Anthony Albanese says he welcomes the chance to fight an election campaign on housing policy as he labels a government plan to allow people to access their superannuation an “attack on future generations”.

The government’s plan, announced at its campaign launch on Sunday, would allow people to access up to 40 per cent of their superannuation, to a maximum of $50,000, to help with house deposits.

The idea has been advocated in certain corners of the Liberal party room and sets up a clash with the opposition on housing policy in the final days of the election campaign

 

On Monday, Superannuation Minister Jane Hume conceded the policy would raise house prices, at least temporarily. Labor campaign spokesman Jason Clare said it would be like “throwing kerosene on a bonfire”, claiming the cost of a home in Sydney could rise as much as $134,000.

Campaigning in Queensland, Prime Minister Scott Morrison said the scheme would would work in combination with separate announcements to increase housing supply, and denied it would push up prices. But he dodged questions on whether any modelling had been done.

“I simply don’t agree with the assertion that this would have a negative impact,” he said.

“You have to look at the balance of policies that this is addressing.

“It deals with supply and it deals with demand.”

On the other side of the country in Perth, Mr Albanese said he welcomed “a contest of ideas”, but lashed the proposal.

“The government in desperation has come up with a thought bubble yesterday that according to itself has not been modelled,” he said.

He called the scheme an “attack on future generations” and sought to tie it to its earlier stances on cost of living issues earlier in the campaign.

“At the same time that they’re saying they support real wage cuts, saying that they want to cut people’s super,” he said.

“If you gut people’s super savings that means down the track, more people dependent upon the pension, more pressure on budgets in the future.

“That’s what this debate is about.”

 

READ MORE:

https://thenewdaily.com.au/news/politics/australian-politics/federal-election-2022/2022/05/16/liberals-super-housing/

 

READ FROM TOP.

 

And on the 7:30 report, ABCTV, the last smile of St ScoMo was a massive smirk like a car salesman selling you a lemon.

 

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