Should Australians Be Allowed to Use Their Super to Pay the Mortgage? Analysts Weigh In
Graham Young of the Australian Institute for Progress said lowering super balances was not as pressing as keeping up with mortgage repayments.
One Nation has proposed a policy allowing Australians to divert 3 percent of their superannuation contributions into their take-home pay for three years. This diverted amount would be taxed at the lower 15 percent superannuation tax rate. Modelling suggests a person earning $90,000 annually could receive an additional $40 per week.
- One Nation suggests allowing Australians to divert 3% of super contributions to take-home pay.
- This measure is intended to help with mortgage or rent payments.
- The diverted 3% would be taxed at the 15% superannuation tax rate.
- The policy would be in effect for three years.
- Modelling indicates a potential $40 weekly increase in take-home pay for individuals earning around $90,000.
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