Backlash Over Morrison's Homebuyer Scheme As Experts Warn It Will Drive House Prices Up

Just five days out from the federal election Prime Minister Scott Morrison has released a last-minute campaign promise to help first home buyers get into the property market.

Under the Coalition's new "Super Home Buying Scheme" the PM's plan will allow eligible buyers to dip into their super and withdraw up to $50,000 from their superannuation to get their foot into the housing game.

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Promise of a “better future” if Australians backed him at the election, Morrison said the plan "will increase supple of family housing stock in the market".

“It’s your home and it’s your super,” Morrison declared.

But former prime minister Paul Keating said the proposal was a “frontal assault” by the Liberal Party on the super system.

“The Liberals hate the superannuation system – they object to working Australians having wealth in retirement independent of the government,” he said in a statement.

“The Libs believe ordinary bods should be happy with the age pension. Let them know their place. If the public needs yet another idea to put this intellectually corrupt government to death, this is an important offence – and with the government, its unprincipled prime minister.”

- Paul Keating

While Labor MP Tanya Plibersek was doing the media rounds on Monday asking why now when Liberal members have shot down the idea in the past.

"You should have to prove between housing today and poverty in old age”.

"We know that this will push up housing price, we know it will mean that people will have less super to retire on," she said.

If re-elected, the scheme would kick in from July 2023 and would not be restricted by price caps on the income someone could earn or the value of the property.

Eligible to first home buyers only who have saved at least 5 per cent of the deposit, they would be required to live in the home for at least one year.

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