Scott Morrison urged to let workers use superannuation to buy property

PHOTO: Aussies have already withdrawn $14 billion from their super accounts thanks to coronavirus. Picture: Supplied Source:istock

Workers have drained $14 billion from super already – now the PM is being urged to allow them to use retirement savings to buy property

Scott Morrison is being urged to allow Australians to drain their retirement savings to buy property with a Liberal MP declaring it’s “more important” than superannuation.

After allowing workers to empty up to $20,000 from their super accounts during the coronavirus crisis, there are fresh calls to allow workers to access more cash to buy a house.

Australians are set to be handed $25,000 to renovate their homes or build new properties

The COVID-19 measures have seen workers rip $14 billion from super accounts with some workers completely emptying their accounts before using the cash for online gambling.

But former Liberal Party director and Senator Andrew Bragg writes in his new book Bad Egg: How to Fix Super, that the PM should go even further, arguing superannuation requires radical surgery and is gouging workers with high fees.

“The system costs more than it saves. There should be more flexibility. Australians should be allowed to access super for a first home, a home is more important than super,” he said.

“At the very least, we should put the interests of working Australians first.”

Australians have invested $2.8 trillion in superannuation since it was made compulsory by the Hawke-Keating Government.

Prime Minister Scott Morrison has previously rejected calls to allow workers to raid their super accounts to buy houses.