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The Guardian - AU

National

Ben Butler

Coalition plan allowing first homebuyers to use super could shrink all workers’ retirement savings, industry analysis finds

Coalition ISA Scott Morrison Industry Super Australia Australia Bernie Dean KiwiSaver

Under Scott Morrison’s plan, Australians could use up to 40% of their super to help buy their first home. — Under Scott Morrison’s plan, Australians could use up to 40% of their super to help buy their first home. Photograph: Lukas Coch/AAP

Every Australian worker will be up to $30,000 worse off in retirement under Scott Morrison’s flagship policy allowing people to raid their superannuation to help buy a home, according to Industry Super Australia analysis.

In analysis released on Wednesday, ISA, which represents the profit-to-member industry fund sector jointly run by employers and unions, said the move would carve between 0.1 and 0.2 percentage points a year from the returns enjoyed by retirement savers.

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