As it happened: PM unveils major superannuation policy in final pitch; campaigns continue across the country

Thanks for reading our live coverage.

That’s all for today. Here are the main headlines:

• Prime Minister Scott Morrison has unveiled a major policy for first-home buyers. The PM wants those building or buying their first home to be able to invest “a responsible portion of their own superannuation into their own home”. The specific figure will be up to $50,000 or 40 per cent of a person’s total superannuation balance – whichever is lower. The announcement was made this afternoon at the Liberal Party’s election campaign launch in Brisbane.
• Labor’s housing spokesman, Jason Clare, confirmed the opposition was against the Coalition’s new housing election promise. He told reporters this afternoon that the policy would be “like adding kerosene to a fire”, supercharging property prices in an already intense market. Clare acknowledged the rising cost of entering the housing market, but said allowing people to use their super isn’t the right way to help.
• Former Labor prime minister Paul Keating, whose reforms created the modern superannuation system, has also slammed the Coalition’s proposal. The former PM said the policy is a “frontal assault” by a party that, according to him, doesn’t like the principle of superannuation. And the Financial Services Council said it’s worried that allowing first home buyers to tap into their super without increasing housing supply could lead to higher house prices.
• Meanwhile, Opposition Leader Anthony Albanese has addressed a campaign rally in Brisbane, where he argued Australians can’t afford “three more years of more of the same”. The Labor leader invoked cheaper childcare, action on climate change and the crisis in aged care as reasons to vote for his party. Former prime minister Kevin Rudd also spoke at the event and accused the PM of trying to undergo a personality change during the last few days of the election campaign.
• In other news, the Australian Electoral Commission has urged people who test positive to COVID-19 to organise a postal vote as soon as possible. Postal vote applications are open until 6pm Wednesday (AEST). Voters who test positive to COVID-19 after that date will be able to access phone voting (details of which will be available on the official AEC website).
• And Greens leader Adam Bandt hit back at claims an expanded crossbench will lead to chaos in the next parliament. Speaking on ABC TV this morning, the member for Melbourne argued an expanded crossbench could be the nation’s best way to achieve more political action on climate change.

Broede Carmody will be back on deck bright and early tomorrow to blog the final week of the election campaign.

Have a lovely evening.

The Coalition will head into the sixth and final week of the election campaign pitching its new first homer buyer scheme, which allows people to dip into their superannuation for a home deposit.

Labor will spend its time arguing why the policy will make the housing market more expensive.

“A lot of Australians are taking the plunge,” Labor housing spokesman Jason Clare said at a press conference today, referring to people who are accepting large mortgages to enter the housing market.

“This is something that was drummed into me by my dad when I was a kid: When you can, buy a home. And boy, oh boy, was it easier for me when I was in my 20s. But this will only make it harder.”

Senior economics correspondent Shane Wright has looked into the Coalition’s new policy proposal. You can read his analysis here.

The Coalition’s first home buyer plan has drawn swift condemnation from former Labor prime minister Paul Keating, whose reforms created the modern superannuation system.

First home buyers will be able to use their superannuation to raise up to $50,000 for a deposit to get into the property market under a pledge from the Coalition that intensifies the election contest on housing.

Keating called the proposal a frontal assault by the Liberal Party on the superannuation system.

“The Liberals hate the superannuation system – they object to working Australians having wealth in retirement independent of the government,” the former PM 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.”

Read the full story here.

The Financial Services Council – which represents superannuation funds, financial advisers and life insurers – has issued a statement regarding Scott Morrison’s first home buyer announcement.

As mentioned earlier, the prime minister wants people buying or building their first home to be able to tap into up to $50,000 from their superannuation.

Here’s what the chief executive of the Financial Services Council, Blake Briggs, had to say:

The FSC is concerned the government’s proposal weakens the sole purpose of superannuation, which is to provide higher standards of living in retirement.

The FSC recognises there is a correlation between renting in retirement and poverty amongst older Australians, but Australians should not have to choose between a home and their retirement savings.

The government’s own majority report into housing affordability and supply in Australia concluded that superannuation should only ever be used for housing if there were commensurate measures to increase supply. The government’s supply measure only extends downsizing to 1.3 million households, whilst potentially allowing approximately 5.3 million under 35-year-old Australians that do not yet own a home access their superannuation to buy a first home.

The government has an obligation to do more to boost supply, otherwise unleashing superannuation savings on the housing market risks driving prices higher still.