NOTE: Video sponsored by the ACTU
Key points
- It would make house prices increase by more than the maximum amount people could withdraw
- It would cost the government $1 trillion in the long run
- It would leave people with $200k less in retirement savings
- It would significantly affect the returns on all superannuation as funds would need to keep more cash reserves uninvested so it is available for withdrawal
How about we ban owning multiple properties, remove any incentives for property as an investment, enforce quality building standards, and use government funds to build affordable housing.
I think politicians should be banned from owning multiple properties. It’s a huge conflict of interest.
Absolutely. Great idea.
So people remain excluded from property ownership, but hey, at least the economy will be ok
Correct me if I’m wrong, but wouldn’t the economy going to even more shit than it is be worse for property ownership?
Sorry, I was being a bit tongue in cheek there. The economy will continue to be shit for people who struggle to afford home ownership whether or not they can use superannuation to help get their foot in the door.
I think the point is if you are trying to fix housing early withdrawal of super is not the answer for all the reasons given.
There are other solutions and it would take multiple policies working in tandom.
Sure, but by the time those solutions are in place, another generation of people will have been denied the chance to own property, which has generational consequences on economic and educational outcomes for those families.
The answer is short term relief combined with long term change. Denial of short term relief because of hypothetical long term strategies that aren’t going to be implemented helps no one.
Super is not the short term relief you are looking for though… More people floating around with more money would just push up the prices even more, offsetting any benefit from withdrawing super.
Now if we started talking about increasing supply perhaps, that would be a different story.
I’m confused, property investment is our economy, so how can it go to shit if house prices are going up?
That’s just a stupid comment. You could take the 1 trillion dollars it would cost the Australia government and spend it on any number of things to make ownership easier.
You could take the 1 trillion dollars it would cost the Australia government and spend it on any number of things to make ownership easier.
That’s true. The issue is, they’re not going to implement any of those ideas…
So people who can’t enter the housing market remain fucked over, because the imperfect ideas that might actually get off the ground get set aside in favour of better ideas that will never see the light of day.
I think we need a video on why it would be a good idea, because I can’t think of one (at least for the general public). I mean it is a good idea from the perspective of people with multiple properties and mortgages even on their own home because it will keep prices high
Spud’s goal isn’t to make life better for the average Australian. All the listed negatives are positives for the LNP - make the rich richer, and the poor poorer. Luckily, he’s thick as shit and the average Australian can see what a terrible idea it is to spend your future.
No,no,no,no! You’ve all got it wrong! You’re all looking at it from entirely the wrong objective!
It’s a GREAT policy for property investors which will boost capital growth and provide excellent short term returns!
Oh wow I haven’t seen this dude in a good few years. He made the new south wales song about new south wales
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What
