A woman has blasted the Coalition’s election promise for first-time home buyers, claiming it is ‘unfair’ young Aussies must use their retirement savings to buy a house.
Maja Petrovic took aim at the policy on ABC’s Q+A program on Monday night in a rant that sparked nervous chuckling from members of the studio audience.
As part of an election promise, the Coalition has vowed to allow first-home buyers to withdraw up to 40 per cent of their super, or a maximum of $50,000, to buy a house.
Ms Petrovic, who is renting with her family, claimed it was unfair young Aussies needed to rely on their super to get into the housing market while the previous generations, such as baby boomers and Gen X, did not have to.
‘I am sure some people didn’t have to use their super to buy their 27th or 26th home either? I don’t know why we should have to do that?’ she said.
‘What are we going to do later? We can use our super but all the house prices are going to go up anyway and who benefits? House owners.’
Greens MP Max Chandler-Mather spoke up and backed Ms Petrovic’s frustrations with Australia’s housing market.
‘There are politicians in Canberra who got to buy a house for three to four times the average income,’ he said.
ABC’s Q+A audience member Maja Petrovic called out the Coalition’s first home buyers plan to allow young Australians to use their super to secure a deposit to buy a home
‘We are being told our generation, if we want home ownership, we have to drain our retirement savings now. How dare they?’
Mr Chandler-Mather, who holds the housing portfolio for the Greens, blamed former prime minister John Howard’s 50 per cent capital gains tax discount in 1999 for Australia’s housing crisis 25 years later.
He added the capital gains tax discount has enabled landlord investors to drive up property prices resulting in young Australians being ‘locked out’ of the property market.
‘The rot started when John Howard introduced the capital gains tax discount and that’s why we’re locked out of home ownership,’ Mr Chandler-Mather said.
‘Every time a property investor uses those tax handouts to bid up the price of housing, we get screwed. It has to change.’
Liberal senator Andrew Bragg argued young Aussies were ‘better off in the long-term’ if they owned a property.
He added Australians in retirement still relied on the age pension and not just their super.
‘This idea is rigid thinking that superannuation is the only way to get to a comfortable retirement,’ Senator Bragg said.
Liberal Senator for NSW Andrew Bragg argued young Aussies were ‘better off in the long-term’ if they drew on their super to buy a home
‘Housing is at the core of a safe retirement. That is what we want to give people the option. It is a choice. You don’t have to use it but if you want to, you can use it.’
Mr Chandler-Mather fired back at Mr Bragg’s comments, suggesting the government stop giving more money to investors who have ’20 properties’ to buy another one.
Senator Bragg shot the statement down claiming ‘it makes no difference to the prices’.
‘What you are saying it not right. It makes no difference. I wish it was that simple,’ he said.
In January, Opposition Leader Peter Dutton confirmed the Coalition’s election promise to allow first-home buyers to use $50,000 of their superannuation to buy a home.
Mr Dutton said ‘restoring the dream of home ownership’ would be a key policy area in the Opposition’s campaign to win the 2025 election.
‘Entering the property market shouldn’t be limited to those who can rely on the bank of mum and dad,’ Mr Dutton said.
With the federal election to be held on May 3, the Opposition Leader vowed the Coalition would ‘get Australia back on track’ and that he would lead a government based on the ‘views, values and vision’ of everyday Australians.
Australia’s median capital city house price is now at $1.014million, which would require a high $156,000 salary just to get a mortgage with a 20 per cent deposit.
Monday night’s Q+A was recorded at Casula, in Sydney’s outer south-west, where houses typically cost $1.159million, CoreLogic data showed.
