Money Govt pushes first home buyer super scheme

03:20  07 september  2017
03:20  07 september  2017 Source:

Turnbull shifts focus to power prices with Snowy Hydro spruik

  Turnbull shifts focus to power prices with Snowy Hydro spruik Malcolm Turnbull has made his second visit to the Snowy Hydro in five months in attempt to shift the political focus away from the citizenship fiasco and the same sex marriage survey, to the issues he believes voters care most about, like power prices. He said the Snowy 2.0 project will bring 5000 jobs, increase power supplies and reduce prices. The prime minister today announced the Australian Renewable Energy Agency will put $8m towards the feasibility study, saying there's something "romantic" about the "nation-building project".

The Turnbull government 's hopes it can pass its landmark " super savers" scheme for first home buyers this year appear all but dashed. You may also like. Life - Entertain. China's Taiwan, Macau and Hong Kong push .

In an effort to help more first home buyers get into the property market, the Australian Government passed the First Home Super Saver Scheme (FHSSS) bill into parliament in December 2017.

In Cleveland, Ohio, you can still snap up a home for under $500. © LM Otero/ASSOCIATED PRESS In Cleveland, Ohio, you can still snap up a home for under $500. The Turnbull government will present to parliament its much-spruiked plan to help first home buyers save for a deposit through superannuation.

Legislation to allow people to make up to $30,000 in voluntary super contributions over two years and then withdraw it when ready to buy a property is scheduled to be introduced in the lower house on Thursday.

The scheme was announced in the May budget in a bid to reduce pressure on housing affordability.

The measure was meant to start on July 1 and Treasurer Scott Morrison has been pushing the scheme, even though it has not yet been legislated.

Labor confirmed last month it will not support the scheme, arguing it won't do anything to address housing affordability.

It believes it will instead undermine Australia's superannuation system.

The government is also set to introduce a bill that would tax foreign owners who buy residential property and leave it vacant.

"It's a thoroughly bad idea": Tanya Plibersek on the first home buyers superannuation scheme. .
Last week, Malcolm Turnbull and the Liberals have been fighting amongst themselves about whether young Australians should be allowed to use their superannuation to buy their first home. On the surface, it may seem like an attractive idea: all that money just sitting there doing nothing, right? Wrong.The truth is that letting people use their super to buy a home will just push up house prices even further. And it does nothing to increase housing supply.All it does is put extra money in the market that will fuel a bidding war – driving up house prices. Housing prices already rose 19 per cent in Sydney in the last year.

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