The ugly side of home buyers tapping super
The superannuation industry largely got what they hoped for in last week's federal budget: peace and quiet.
Sally Patten writes on Personal Finance specialising in Superannuation & SMSFs, Tax, Managed Funds. Based in our Sydney newsroom, Sally is Fairfax Business Media's Personal Finance editor and has more than 20 year experience in journalism, working in UK, Hong Kong and Australia.
The superannuation industry largely got what they hoped for in last week's federal budget: peace and quiet.
There are perks for retirees, first home buyers and downsizers, but slight cuts for property investors and more Medicare from 2019.
The $6.2 billion bank tax will slow profit growth and curb banks' ability to raise dividends, predicts the $8.2 billion Equip Super.
AustralianSuper chief investment officer Mark Delaney said "banks need to win back public support" and the bank tax will have no material impact on investment returns.
The government should be careful before it treads much further down the path of allowing first-home buyers to tap super for housing.
Australians in their late 50s or early 60s may delay the sale of the family home if they are confident of becoming self-funded retirees.
First-home buyers will be allowed to use up to $30,000 of voluntary superannuation contributions to buy a home.
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