Major overhaul of Aussie superannuation system touted
There may be a major change coming to Australia's $3.3 trillion superannuation system, with Treasurer Jim Chalmers looking to crack down on early access.
Chalmers will be speaking to call for an objective for superannuation that will emphasise the need for it to be preserved until retirement.
This would make it harder for Australians to access their funds early.
The federal opposition are taking a different stance and have pushed for early access to remain open as part of a first home buyers scheme.
John Kehoe, Australian Financial Review economics editor, told Today $36 billion had been withdrawn from Australians’ collective super during the COVID-19 pandemic.
"That's something that Labor wants to shut the door on," he said.
Kehoe said there were two sides to the first home buyers scheme, saying that people accessing their super early could drive prices higher.
"The retirement income system showed the best way to have financial security in retirement is owning your own home," he said.
"It is people renting in retirement that do it really tough.”
Independent Senator Jacqui Lambie expressed her view on the proposal, saying life wasn't "black and white.”
"There are things that happen in our lives where that money may come in handy, whether it is part of that money, or 20 per cent of that money, just to keep us afloat," she said.
"And especially in the next two years, if we are going into recession, if there are guys out there who can dig in to make sure we can keep the roof over their head, to continue to pay their house rates, we have to be a bit more flexible than that when we are going through tough times."
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