A political war over superannuation has been inflamed in the past fortnight.<\/p>\n
Senator Hanson said the average full-time worker earning about $90,500 would get an extra $2,300 in their pocket each year.<\/p>\n
That works out to about $44 a week, which she said would provide “breathing room”.<\/p>\n
“For a working couple earning $168,000 between them, it is about $4,300 a year after tax, or $82 a week, back in the family budget,” she said.<\/p>\n
Judo Bank chief economic advisor Warren Hogan said the proposal would provide short-term relief for Australians, but raise the cost of living over the long term.<\/p>\n
“There is no example in recorded history of us effectively getting our cost-of-living issues under control with more spending,” he said.<\/p>\n
“It ultimately makes the problem worse. We need to bring demand in the economy down to take pressure off the supply side in our economy to allow price pressures to ease.”<\/p>\n
The Reserve Bank has increased interest rates three consecutive times this year in an attempt to curb inflation.<\/p>\n
Industry peak body Association of Superannuation Funds of Australia (ASFA) labelled the proposal “economically disastrous” and said it would push up inflation while making people poorer in retirement.<\/p>\n
“This proposal would not alleviate the cost of living. It would drive the cost of living higher,” CEO Mary Delahunty said.<\/p>\n
“Allowing people to take out three per cent is the thin end of the wedge that could erode one of the greatest policy success stories this country has.”<\/p>\n
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One Nation has insisted the policy will not increase inflation. (ABC News: Callum Flinn)<\/p>\n
One Nation insists policy will not be inflationary<\/p>\n
Mr Joyce insisted the inflationary impact would be “incredibly small”.<\/p>\n
“If someone was paying, for instance, $600 a week for rent and they get assistance, guess what? They are still paying $600 a week in rent,” he said.<\/p>\n
Asked what people would do with the additional cash in that scenario, he indicated they would invest it, similar to how it is treated within a super fund.<\/p>\n
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He also pushed back on suggestions people would immediately spend the extra cash as it came into their accounts.<\/p>\n
“It’s like saying, well, if you’ve got all this money in the bank, you just go out and spend it that evening. People don’t do that,” he said.<\/p>\n
But Mr Hogan said under the guardrails set out by One Nation, the policy would stimulate spending.<\/p>\n
“An initiative like this will put money in people’s pockets at an average of $50 or $60 a week, and that money multiplied over half the population, probably, will be a significant stimulus and make the inflation problem worse,” he said.<\/p>\n
Mr Joyce argued although the scheme would be open to anyone paying a mortgage or rent, which is about 7 million people, it was likely only those experiencing hardship would access it.<\/p>\n
“We’re not going to have 7 million people in rental stress or housing stress,” he said.<\/p>\n
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One Nation says Australians should get to decide how and when they access their super. (ABC News: Callum Flinn)<\/p>\n
Plan would erode retirement nest egg<\/p>\n
Health Minister Mark Butler labelled the proposal an “absolutely terrible plan” and pointed to the Morrison government’s experiment allowing people to access more of their super during the COVID-19 pandemic, which left some with a depleted nest egg.<\/p>\n
“It’s going to make a huge difference, a bad difference to their retirement decades down the track,” he said.<\/p>\n
Analysis from the Super Members Council showed a typical 30-year-old full-time worker who withdraws superannuation under the early access policy would be about $25,000 worse off at retirement.<\/p>\n