#QandA Economist Cameron Murray says it’s “not unreasonable” to use your superannuation to buy your first-home and explains why he thinks it wouldn’t boost prices. Catch up on iview: ab.co/2WlhPLp
@abcnews Not unreasonable to use your money to buy any home you live in; save on bank profits and super fees. Demand could easily be offset with an immigration & foreign ownership halt 🤔
@abcnews Of course it would increase prices as there would be more money chasing the same limited supply of stock. If money supply increases without corresponding increase in stock of housing, demand would be greater than supply resulting in increase in price. Economics 101.
@abcnews @garyseconomics Can we get a fact check up in here
@abcnews Works well in Singapore where the government caps the cost of housing by offering publicly developed apartments at construction cost to first home buyers.
@abcnews Go buy that home from your Super and then "have to" sell it to fund your retirement. You can't have it both ways. But be sure you can afford your living costs while you pay it off; and that its value compounds at a greater rate than your Super otherwise would have. Your call.
@abcnews @TimWilsonMP However all other quality economists have the opposite view How come you are still @TimWilsonMP They election was on 2022 and Zoe Daniels won the seat of Goldstein . We’re can all call ourselves MP’s it seems without the votes
@abcnews @ajamesbragg What a load of absolute rubbish. Of course a demand driven response will drive prices higher.
@abcnews Tax concession are given for retirement savings. Good and great. Why do we want to give tax concession for every other essential expense a person faces. It just robbing the future tax payers to pay old age support. We need a reason why Super exists. Keating: Comfortable retire.
@abcnews Yes, it sounds like a good idea to use your super, but it must contain a clause that says, if you sell the house, the money has to go back into your super otherwise the buggers will be expecting us tax payers to support them one day.