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A Senate inquiry report into retirement outcomes has been pushed back a full year to examine the role home ownership plays in Australians’ post-work phase of life.
NSW Liberal Senator Andrew Bragg, chair of the Economics References Committee, announced the extension through 30 June 2025.
Bragg said that it had become apparent that “the key determinant of your success in retirement is your home ownership status, not your super balance”.
He took aim at the Labor government’s wider housing plans, opining that the government was not doing enough to support home buyers.
“Labor has clearly given up on the great Australian Dream of home ownership,” Bragg said.
The senator suggested that the government’s efforts were too focused on rental supports.
“Giving subsidies to foreign fund managers and big super funds won’t increase home ownership. It will only place home ownership out of reach for a generation of Australians,” he said.
“Expecting Australians to rent in retirement will rob them of the quality of life they deserve,” Bragg added.
The inquiry, which stopped accepting submissions in February, was meant to wrap up in June 2024. It has now been extended for 12 months while the group examines the following issues:
- Expanding the Coalition’s existing Super Home Buyer policy
- Other ways super can be used to increase home ownership
- Potential ways to establish super/mortgage accounts.
Bragg acknowledged that any changes to super policy around home ownership would naturally need to be accompanied by supply reforms to increase the nation’s number of dwellings at a time when demand is driving home prices higher.
With an extra year to examine these issues will give the inquiry “time to develop alternative directions on home ownership that rewards aspiration,” according to Bragg.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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