Proposal to use super for housing renews debate over Australia’s retirement system

One Nation and Liberal senator Andrew Bragg have proposed allowing Australians to use some of their superannuation savings for housing.

The idea is being debated as the country faces a cost-of-living crisis and a housing shortage.

Australia introduced compulsory superannuation in 1992, building a system in which workers save for retirement.

Labor and the union movement have long viewed the system as a social justice measure, while many Liberals have argued that super is workers’ own money and questioned the role of union-linked funds.

A first-home scheme introduced in 2017 already allows people to use some super for a home deposit.

The wider argument is about whether changing access to super would help with housing pressures and what it could mean for retirement savings.

Treasurer Jim Chalmers says the next federal election will be a referendum on super.