The minister charged with pulling together the Turnbull government's looming housing affordability package has suggested Australians could be allowed to use superannuation when buying their first home but that such a change would have to be a part of broader reforms. Assistant Treasurer Michael Sukkar, who is spruiking housing affordability as a key platform of the May budget, said any changes on the "demand side" such as superannuation reform could work if supply in the housing market was also increased.
"If all a government does is try to pump further liquidity into the residential housing market, inevitably all you do is push up housing prices," Mr Sukkar told Sky News on Tuesday.
More National News Videos
- Video duration
- 01:40
Having children delayed for a house
Having children delayed for a house
Parents are putting off having children to get into the housing market according to Scott Morrison who has also offered an insight into his plans for negative gearing in the budget.
Up Next
Twitter tirade and government woes
- Video duration
- 02:31
- Video duration
- 02:31
Twitter tirade and government woes
Twitter tirade and government woes
In a series of tweets, Prime Minister Turnbull refuted a report about the government scrapping welfare payments, amid general public confusion about policy. Vision: Ten News
Up Next
Great-grandfather facing deportation
- Video duration
- 01:56
- Video duration
- 01:56
Great-grandfather facing deportation
Great-grandfather facing deportation
He's lived in Australia for the past 10 years, but great-grandfather James Bradley is facing deportation due to health issues. Vision: Ten News
Up Next
Could Sydney hold the 2022 Commonwealth games?
- Video duration
- 00:32
- Video duration
- 00:32
Could Sydney hold the 2022 Commonwealth ...
Could Sydney hold the 2022 Commonwealth games?
There is increased speculation that Sydney could host the games after they were stripped from the South African city of Durban last week. Vision: Channel Seven.
Up Next
Gladstone deserted after the boom
- Video duration
- 02:18
- Video duration
- 02:18
Gladstone deserted after the boom
Gladstone deserted after the boom
The Queensland town of Gladstone saw a huge increase in population and house prices with the LNG boom but that very quickly ended.
Up Next
Gangland murder conviction
- Video duration
- 00:32
- Video duration
- 00:32
Gangland murder conviction
Gangland murder conviction
A man has been convicted of the murder of Graham 'The Munster' Kinniburgh. Vision: Ten News
Up Next
Viagogo to go?
- Video duration
- 01:42
- Video duration
- 01:42
Viagogo to go?
Viagogo to go?
After issues around extra payment and ticket authenticity, federal politicians are investigating legislating for resale sites such as Viagogo. Vision: Ten News
Up Next
Peter Dutton strikes out at Alan Joyce
- Video duration
- 01:33
- Video duration
- 01:33
Peter Dutton strikes out at Alan Joyce
Peter Dutton strikes out at Alan Joyce
Speaking in Queensland, Immigration minister Peter Dutton lashes out at Qantas CEO Alan Joyce over marriage equality.
Having children delayed for a house
Parents are putting off having children to get into the housing market according to Scott Morrison who has also offered an insight into his plans for negative gearing in the budget.
In response to questions about super amendments being on the table, Mr Sukkar said 2014 comments from Finance Minister Mathias Cormann that allowing people to access super would only drive up house prices in isolation, were "largely correct," but any changes would be "finely calibrated to make sure we are not lazily pumping more money into the market."
"We've got to be a bit more sophisticated about it and I'm confident we will be," he said.
Related Content
Shadow treasurer Chris Bowen said Labor would oppose any move to raid super, labelling the idea "stupid".
"Early access to superannuation for a home deposit would undermine retirement savings, create new financial risks, and ultimately serve no credible purpose other than bidding up the price of housing and pushing home ownership further out of reach of young aspirating Australians," he said.
On Monday, Treasurer Scott Morrison singled out initiatives by the Victorian government to put a tax on unoccupied housing to relieve market pressure.
"We are looking to encourage all of these types of initiatives," he told Bloomberg.
Mr Sukkar echoed Mr Morrison's comments.
"We don't want any properties empty, people can do what they want with their assets, but I think moves by some state governments to try and encourage those who own properties to actually have them tenanted are good in principle," he said, before talking tough on foreign investors increasing demand in the property market.
"On the one hand we are a county that welcomes foreign investment, on the other hand we are a government who says foreign investment has to be on our terms and has to be in our national interest," he said.
93 comments
Comment are now closed