Election 2022 LIVE updates: Labor, Coalition debate housing and superannuation as the campaign enters its final week

Federal Housing Minister Michael Sukkar has defended the Coalition’s new superannuation policy, claiming critics just want “control” over people’s super.

The super-for-housing policy would allow first home buyers to use up to 40 per cent of their superannuation (no more than $50,000) for a deposit to get into the property market if the Coalition wins the election and passes laws to start the scheme from July next year.

Minister for Housing Michael Sukkar. Credit:James Brickwood

“I think we’ve received overwhelming support from first home buyers and people in the industry,” Sukkar told Sydney-based radio station 2GB.

“I think the usual suspects with vested interests in the system who see superannuation money as their money and not your money are criticising the scheme.

“But we fundamentally believe super belongs to the people, it belongs to them, it’s their money and they should be able to use it however they want.”

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Sukkar said the scheme was designed to combat the most difficult element of buying a home – saving up a deposit – and called it a “well-calibrated policy” as it requires first home buyers return the money they’ve drawn back into their superannuation if they sell their home.

“This policy really allows the best of both worlds. It lets you use a portion of your super while you need it … and then when you eventually sell that property, you re-contribute it and a proportion of any gain back into super, so it maintains the balance,” he said.

“We know that first home buyers on average will hold their first home for eight years, so in that time they should and historically will have built up capital appreciation in their home.”

Yesterday, the Financial Services Council – which represents superannuation funds, financial advisers and life insurers – warned that house prices might increase under the scheme without supply ramping up, given the potential flood of new buyers.

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