Hands Off Super

Now that the election is done and dusted I hope we can forget about the possible introduction of the system linking first home ownership and early access to superannuation.

The great Australian dream of home ownership was, I think, born and fostered after the end of World War II and it has been a shock to thousands of Australian travelers to Europe how many quite wealthy middle-aged residents have been happily living in rented accommodation all their lives.

Starting to live with a mortgage is a rite of passage for young Australians but building a retirement nest egg through superannuation is in many cases so far into the future that it tends to shrink into insignificance.

What a pity. Superannuation in some form or another has been around in Australia since before the turn of the 20th Century, but the introduction of compulsory superannuation in 1992 has been the most significant social financial action of any government in my lifetime.