LIBERAL MP CRAIG KELLY WANTS FAMILY HOME INCLUDED IN PENSION ASSET TEST

LABOR has demanded the Prime Minister rule out including the family home in the pension test or delaying the super guarantee after Liberal MP Craig Kelly called for a fresh debate.

Along with the push by NSW Guvmnt for Seniors to ‘downsize’ … allegedly to make more housing available for Australian First Home Buyers … of course that’s not about further opportunities for deve-lopers and their overseas buyers … cough … cough …

The libs made the shelter of the Family Home an asset … paid for over 40 years or so and having robbed our Families of a future they want their inheritance too!

ALERT!

When deve-lopers come knocking at your door … $1M – $1.5M buys an ‘ordinary’ cottage in Sydney’s midde ring; prices are down from what they were … benefiting deve-lopers …

The home owner has to find alternative accommodation as deve-lopers landbank all over Sydney.

THIS is a WT * moment in time.

BECAUSE the deve-lopers can build as many as 10 terraces on a 600M2 Lot selling for say $1M each or more!

Many units sell for $1M in Sydney … how much more will it cost for a terrace?

And these developments can still be sold 100% to foreign buyers … (May 2017 Budget Reg for housing projects of 49 dwellings or less) …

There is nothing in this for Australians or Our Families … who continue to be locked out!

P.S. a common price is about $1.2 – $1.3M in the middle ring for a 3 bed cottage, family home.

AS for the honourable … view the following or search for more!

Scomo’s Fixer offered Craig Kelly’s Challenger a $350,000 party job to drop out … Part 1

https://caanhousinginequalitywithaussieslockedout.com/2018/12/28/6266/

Labor asks AFP to investigate $350,000 job offer to Craig Kelly preselection Challenger … Part 2

https://caanhousinginequalitywithaussieslockedout.com/2018/12/28/6271/

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Chinese CK Consortium bid for Australian gas pipelines:  LNP:  the National Security concerns precedent set by Ausgrid are clear!

https://caanhousinginequalitywithaussieslockedout.com/2018/09/25/2119/

The Liberals’ Religious Right

https://caanhousinginequalitywithaussieslockedout.com/2018/09/15/1771/

Super shake-up: Liberal MP Craig Kelly wants family home included in pension asset test

Liberal MP Craig Kelly supports including the family home in the pension asset test. Photo: Getty

Samantha Maiden

Samantha Maiden

COMMENT

Labor has demanded the Prime Minister rule out including the family home in the pension test or delaying the super guarantee after Liberal MP Craig Kelly called for a fresh debate.

But the Treasurer has insisted the claim the Morrison Government would consider including the family home in the asset test was “a lie” despite one of the governments own MPs sparking the controversy.

In Parliament, Labor’s treasury spokesman Jim Chalmers sought to suspend standing orders on Wednesday over Mr Kelly’s comments to The New Daily.

“The Member for Hughes has called for the family home to be included in the pension asset test which means more retires will be pushed off the pension, out of their homes or both,” Mr Chalmers said.

“The government has already shortchanged pensioners by refusing to proper adjust deeming rates for years despite five interest rate cuts.”

But the Attorney-General Christian Porter moved to gag debate and shut down Labor’s attempts to highlight the issue.

“This is a disgraceful attack on pensioners,” Labor frontbencher Linda Burney said.

Defying the Prime Minister Scott Morrison’s call that Liberal MPs toe the party line on the superannuation debate, Mr Kelly told The New Daily there should be a debate about including the family home in the asset test for the pension.

“Your family house at the moment is 100 per cent exempt from the asset test,” Mr Kelly said.

“If you decide you could use super to pay for your house you could say, ‘I want a larger family home now when the kids are young, knowing when my kids move out I will downsize’, there would be some discount of the family home that would be counted in the asset test.”

Whether the family home is worth $100,000 or $10 million, it is exempt from the aged pension assets test – a feature of Australia’s retirement income policy that economists have long debated.

*Mr Kelly said his proposal could also act as an incentive for seniors to move out of larger homes and downsize later.

“You don’t want to force people out of their homes, but it is something you could look at,” he said.

Treasurer Josh Frydenberg took to Twitter to respond to Labor’s attacks.

“Labor’s claim that the pension assets test will be changed to include the value of the family home is a lie. It’s not our policy and it never will be,” he said.

Mr Chalmers said it was clear – with up to a dozen MPs calling for a delay to the increase to the super guarantee to 12 per cent – that the government was under pressure to rob workers of their super.

“There’s a substantial push in the Liberal Party to cut the super guarantee,” he said.

Mr Kelly has been calling for first-home buyers to be able to access super for a housing deposit, and also include the family home as part of the pension asset test.

Defying the Prime Minister Scott Morrison’s call that Liberal MPs toe the party line on the superannuation debate, Mr Kelly told The New Daily there should be a debate about including the family home in the asset test for the pension.

“Your family house at the moment is 100 per cent exempt from the asset test,” Mr Kelly said.

“If you decide you could use super to pay for your house you could say, ‘I want a larger family home now when the kids are young, knowing when my kids move out I will downsize’, there would be some discount of the family home that would be counted in the asset test.”

Whether the family home is worth $100,000 or $10 million, it is exempt from the aged pension assets test – a feature of Australia’s retirement income policy that economists have long debated.

Mr Kelly said his proposal could also act as an incentive for seniors to move out of larger homes and downsize later.

“You don’t want to force people out of their homes, but it is something you could look at,” he said.

The New Daily@TheNewDailyAu

The group of government MPs advocating for a freeze to the 9.5 per cent superannuation guarantee are already earning 15 per cent themselves. #auspol https://bit.ly/2ZbWmXq There is no evidence that halting superannuation rises will boost wagesClaims by Liberal MPs that the superannuation guarantee should be held at 9.5 per cent to encourage pay rises “fly in the face of all available evidencethenewdaily.com.au410:19 AM – Jul 23, 2019Twitter Ads info and privacySee The New Daily’s other Tweets

Mr Kelly said he also believed many workers would rather get the planned 2.5 per cent increase in super to spend now, rather than save for later.

The Sydney MP said he did not believe that voters would regard it as a broken promise if the Morrison government delayed the transition to 12 per cent super.

“If something is going to be done, it needs to done in this term of government,” he said.

The PM issued a carefully worded denial to questions in Parliament over whether he can guarantee the existing timeline of lifting the super guarantee from 9.5 per cent to 12 per cent by 2025.

Treasurer Josh Frydenberg, who is preparing to commission an inquiry into retirement incomes policy, has previously dodged the question.

Finance Minister Mathias Cormann issued a crisp “yes” when asked to guarantee there would not be any changes to the timeline to 12 per cent.

He was not asked about giving workers flexibility to take the increase as a pay rise instead of stashing it in super.

During the party room meeting on Tuesday, Mr Morrison urged MPs to go through the internal policy processes on proposed changes.

“Government is not a blank cheque. It is a contract with the public and they understand why they voted for us,” Mr Morrison said.

“We must all be mindful of sticking to that and not running off on other issues that we didn’t take to the election. Especially not doing so publicly.”

Senator Cormann previously fought an internal battle against Housing Minister Michael Sukkar’s original plan to allow workers to access super for a housing policy.

After claiming the government would not pursue the idea in 2017, the Turnbull government later announced a modified version that allowed workers to make extra concessional contributions to a first-home savers account and then withdraw the money for a deposit.

In Parliament, Labor treasury spokesman Jim Chalmers accused the Liberals of preparing to “rob workers of their superannuation”.

“They say they want workers to have the freedom to choose between wages or super,” Dr Chalmers said.

“What they really mean is freedom to be broke – during their working years and then afterwards too.”

Dr Chalmers said the Morrison government’s real agenda was to “kill” compulsory super in Australia.

“But we didn’t hear peep about it at the election,” he said.

“A government which has banged-on about mandates and retiree taxes is now ambushing workers with a retiree tax of their own.

“A real retiree tax of 2.5 per cent on the living standards in retirement of almost 13 million Australian workers.

“According to one estimate, a 30-year-old earning $80,000 a year would be denied close to $90,000 in super by the time they reach retirement if the Super Guarantee remains frozen at 9.5 per cent.

“The Liberals have never believed in super.”

The New Daily is owned by Industry Super Holdings

SOURCE: https://thenewdaily.com.au/news/2019/07/23/pension-asset-test-home/

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