A proposed policy by One Nation could significantly reduce retirement savings for Australians by allowing superannuation contributions to be redirected toward rent or mortgage payments. Critics argue that diverting even a small percentage of superannuation—after decades of gradual increases to the current guarantee—would leave workers earning less in retirement, with estimates suggesting thousands of dollars lost over time. Concerns have also been raised about broader government control over personal financial decisions, with skepticism directed at any political party having the power to influence individual savings choices. The debate highlights tensions between short-term financial flexibility and long-term retirement security.
Follow the day’s news liveOne Nation policy will leave people $25k worse off at retirement, Mulino saysSuperannuation is kicking off again today with One Nation pushing to allow people to divert 3% of their superannuation to their rent or mortgage.It took us decades to get to 12% superannuation guarantee and that’s a level that will provide people with a high level of dignity and security in retirement.To do what the One Nation party is suggesting will see somebody who is 30 years old, $25,000 worse off at retirement and a couple around $50,000 worse off.I’m deeply sceptical of giving any government, whether I was in charge, or Anika Wells is in charge, I’m deeply sceptical of giving any government the power to decide what you read on your phone. Continue reading...
