The Prime Minister has used the Liberal Party’s campaign launch to announce a plan to allow first-time homebuyers to use their pensions to buy a property.
Most important points:
- Mr Morrison announced the Super Home Buyer plan at the launch of the coalition’s election campaign in Brisbane
- First-time homebuyers could use up to 40 percent of their superior, up to $50,000, to buy a home
- Former Liberal Prime Minister Malcolm Turnbull was not present at the launch
The Liberal Party chose Brisbane to officially launch their campaign, just six days after Election Day.
Resource-rich Queensland was key to the coalition’s “miracle” victory in the 2019 election, with Scott Morrison repeating his election nightline at today’s event, starting with, “How good is it to be in Queensland.”
Mr Morrison then announced the Super Home Buyer scheme, which – if the coalition is re-elected on Saturday – would allow first-time homebuyers to spend up to 40 percent of their superior, up to $50,000, on buying a home.
The coalition says this would cut the time it takes to save a home deposit by an average of three years.
“A re-elected coalition government will allow first-time homebuyers to invest a responsible portion of their own retirement savings into their first home,” said Mr Morrison.
This would apply to both new and existing homes and the amount invested will be returned to your super when you sell the home, including the portion of the capital gain from the sale of that home.
“Superannuation is here to help Australians retire – the evidence shows that
If the coalition is re-elected, the scheme would come into effect on July 1, 2023 for first-time homebuyers who must have saved an additional five percent of their investment separately.
The buyer must also live in the property for a minimum of 12 months, but there are no age, ownership, or income thresholds.
Shadow housing minister Jason Clare described the policy as the “last-ditch act of a dying government” and that people struggling most to enter the housing market would not be helped because they typically had the lowest retirement savings.
He also said it would “fuel the fire” and drive up house prices.
Mr Clare pointed to other leading Liberal Party figures, including former Prime Minister Malcolm Turnbull, former Treasury Secretary Mathias Cormann and Peter Costello, who were vocally opposed to the idea.
“I think the Australian people can see through this… and know that if this was a good idea, the… [government] would have done it years ago, not six days before the election,” he said.
Pandemic record at heart of campaign pitch
Morrison also used his speech to review the last three years of his premiership and sell his record of economic management during the pandemic.
“By almost every measure, growth, jobs, debt levels, death rates, vaccine rates, Australia’s recovery is leading the advanced world,” he said.
“When [Treasurer] josh [Frydenberg] and I stood together, before the Australian people in the early stages of the March 2020 pandemic… [the] nation was gripped by fear and uncertainty.
“And thus JobKeeper was born, and the many other measures that followed, continuously supporting Australians to find their way forward.
“This was a time of strength, it was a time of perseverance. I had only one focus, as your prime minister: to save the country.”
Morrison then called for another term in which government intervention would decline.
“We have built a bridge to the other side economically at a time of global uncertainty and here we are.
“We are now on a different edge from what I talked about earlier. One where fear does not predominate, but aspiration.”
Morrison also announced an election pledge to invest $454 million to accelerate the Air Force’s Loyal Wingman project.
“This is a next-generation unmanned aerial vehicle that uses artificial intelligence to support manned aircraft in air combat, reconnaissance and surveillance missions,” he said.
“The first military fighter aircraft designed, developed and produced in Australia in 50 years.”
Guests at the launch included former Prime Ministers Tony Abbott and John Howard, in addition to his wife Janette.
Mr Howard campaigned for the coalition throughout the campaign, while Mr Abbott was less prominent, though not completely absent.
Morrison’s immediate predecessor, Malcolm Turnbull, was not present at the launch.
Labor leader Anthony Albanese was also in Brisbane today, attending a meeting with Queensland Prime Minister Annastacia Palaszczuk.
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