During debate over the Better Advice Bill Coalition MP Tim Wilson criticised the superannuation industry for preventing young Australians the chance to purchase homes.
Wilson said it was “despicable” that industry super funds were investing in residential real estate while denying Australians the opportunity to use their own super for home ownership.
“If we actually believed in the wealth creation of every Australian, we’d actually talk about why home ownership is the biggest financial decision Australians can make and superannuation is the second,” Wilson said.
“But because we have an obsession between the collusion of the Labor party and their mates in the industry super fund sector, they constantly put superannuation ahead of home ownership, so much so, they’ll literally run interference to keep super funds buying homes at the expense of young Australians.
“There is no more despicable act that I can think of in terms of public policy, than the deliberate act to socially engineer big super to own homes but to deny young Australians to deny their chance at their dream.”
Wilson said there was “a day of reckoning coming” as home first/super second was building a movement.
“Home first/super second is an absolute understanding that people are looking to utilise their super to be able to buy their own home because Australians know – like when they access financial advice – that doing so advantages their creation for wealth,” Wilson said.
“But home ownership is not just the best mechanism for people to create wealth, it’s the best foundation which builds security for your economic future, your family and the whole of your working life as well as your retirement.
“Home ownership is critical for the economic and democratic distribution of wealth in this nation and is the foundation of which people build the success of their life for themselves and others.”
Labor MP Matt Thistlethwaite said he could never understand why members of the Coalition always ridiculed Australia’s superannuation system.
“It’s something we should be proud of, it’s one of the best retirement savings systems in the world and the proof of that is in the statistics – $3.1 trillion in the Australian superannuation system at the beginning of this year,” Thistlethwaite said.
“That’s the fourth largest pool of investment savings of any nation in the world and Australia has the 55th largest population in the world.
“We’re batting well above our average and it’s something we should be proud of.”