Australian Election

[jackspratt]

....... and to go with that a lot of young Australians who are desperately trying to save for their first home loan have been given a huge leg up by the LNP with today's announcement that they can access up to 40% of their superannuation capped out at $50,000 to go towards a deposit.

Well that's one way to throw petrol on an already overheated housing market, thereby ensuring prices will continue to rise.

[Whistler]

I think the ability to access super to buy a house is a very good policy. I would be interested in the details of the policy. What would happen if they sold the property short term, would they have to refund the deposit to the super fund?

[jackspratt]

I think the ability to access super to buy a house is a very good policy.

That's interesting.

- Mathias Cormann didn't

- Malcolm Turnbull doesn't

- Susan Ley doesn't

- Costello and Hockey probably don't.

https://www.theguardian.com/australia-n ... -up-prices

[tamada]

I think the ability to access super to buy a house is a very good policy. I would be interested in the details of the policy. What would happen if they sold the property short term, would they have to refund the deposit to the super fund?

I imagine the fine print if this is ever implemented will be lengthy and vexatious. Ultimately, the question is who gets rich from such a scheme?

Thaksin's policy to enable new car purchases for a demographic that wouldn't normally have the income, savings or credit rating to own a car needed similar safeguards to stop people flipping cars. Not sure how successful it was but it did create a whole new repo market. When his sister recycled it with tax rebate scheme, the losers were the automakers...and the Thai people who again found out the hard way that they still couldn't afford to own a car.

[Whistler]

I think the ability to access super to buy a house is a very good policy.

That's interesting.

- Mathias Cormann didn't

- Malcolm Turnbull doesn't

- Susan Ley doesn't

- Costello and Hockey probably don't.

https://www.theguardian.com/australia-n ... -up-prices

A different Australia to the one these guys dealt with. A policy should be set for the day and the circumstances of the day. As the Morrison government is unlikely to be returned, it's a bit academic anyhow

[tamada]

I think the ability to access super to buy a house is a very good policy. I would be interested in the details of the policy. What would happen if they sold the property short term, would they have to refund the deposit to the super fund?

Hasn't the Coalition offered something similar for the empty nesters? They can drop up to $300k from their home sale into their super?

So one wants to let the youngsters use their super to buy a home while the other gives the old timers money if they sell up?

Is that a win-win or what? I guess with people living longer, the traditional 'some day, all this will be yours' doesn't apply anywhere any more.

[Whistler]

I think the ability to access super to buy a house is a very good policy. I would be interested in the details of the policy. What would happen if they sold the property short term, would they have to refund the deposit to the super fund?

Hasn't the Coalition offered something similar for the empty nesters? They can drop up to $300k from their home sale into their super?

So one wants to let the youngsters use their super to buy a home while the other gives the old timers money if they sell up?

Is that a win-win or what? I guess with people living longer, the traditional 'some day', all this will be yours' doesn't apply anywhere any more.

I am not going to research this, so I could be mistaken.

to the best of my knowledge, there is provision for a one-off contribution to super, but the source is from anywhere, not just a home sale. It benefits those that can afford to have $300K locked into a super scheme.

[tamada]

I think the ability to access super to buy a house is a very good policy. I would be interested in the details of the policy. What would happen if they sold the property short term, would they have to refund the deposit to the super fund?

Hasn't the Coalition offered something similar for the empty nesters? They can drop up to $300k from their home sale into their super?

So one wants to let the youngsters use their super to buy a home while the other gives the old timers money if they sell up?

Is that a win-win or what? I guess with people living longer, the traditional 'some day', all this will be yours' doesn't apply anywhere any more.

I am not going to research this, so I could be mistaken.

to the best of my knowledge, there is provision for a one-off contribution to super, but the source is from anywhere, not just a home sale. It benefits those that can afford to have $300K locked into a super scheme.

Sorry, my mistake: it's the Coalition offering BOTH these perks. I was tripped up by the earlier LNP reference.

Under the scheme, first home buyers will be able to invest up to 40 per cent of their superannuation, up to a maximum of $50,000, to help with the purchase of their first home. ...In another new housing policy announcement, Morrison said Australians aged over 55 will be able to sell their homes and invest an extra $300,000 in their superannuation from the proceeds if the Coalition is returned to office after Saturday's federal election.

https://www.9news.com.au/national/feder ... 2a20e5c3f2

[jackspratt]

There are 2 different policies intersecting here.

As I did 4 years ago, you can sell your house (and subject to certain conditions), chuck $300k of the proceeds into super.

The current policy only applies to those over 65 - the new proposal will apply to those over 55. The rationale, which I agree with, is to get older couples (or singles) out of their large homes,and free them up to the market for younger buyers.

A totally different policy will kick in from 1 July, when those over 68 years old will be able to chuck cash (not from the above) into their super. At the moment, you need to qualify under a "work test" to be able to move cash into your super after you retire, or semi- retire.

I am also looking to avail myself of this change, as returns on super are far in excess of what you can get for your cash if it is stuck in a bank account.

Both these policies have enjoyed bipartisan support.

Totally different is the proposal that young'uns can use their super as a deposit on the purchase of a first home.

It is a bad idea - which even conservative luminaries I have highlighted above agree with.

[pepesgrill]

I am not going to research this, so I could be mistaken .. . ..

why would today be different than any other day
leave it to others to disprove false assertions

[GT93]

In NZ people can access their super to purchase a home. Once that's permitted, it looks really bad to remove that opportunity. There isn't a debate here about stopping this.

The Washington Post:

The incident last month reflects the rising tide of misinformation Australia faces as it prepares to go to the polls on Saturday. But it also shows the benefit of a single agency overseeing a country’s electoral process.

“We’re really standing on the front lines of protecting Australia’s democracy,” said Evan Ekin-Smyth, the AEC’s head of digital engagement. “If we’re not in the conversations, arguing for elections, defending people’s perceptions of democracy, well, who is?”

https://www.washingtonpost.com/world/20 ... ommission/



And The New York Times compares Australia's experience with Covid to the US's:

https://www.nytimes.com/2022/05/15/worl ... eaths.html

If the United States had the same Covid death rate as Australia, about 900,000 lives would have been saved. The Texas grandmother who made the perfect pumpkin pie might still be baking. The Red Sox-loving husband who ran marathons before Covid might still be cheering at Fenway Park.

For many Americans, imagining what might have been will be painful. But especially now, at the milestone of one million deaths in the United States, the nations that did a better job of keeping people alive show what Americans could have done differently and what might still need to change.

Many places provide insight. Japan. Kenya. Norway. But Australia offers perhaps the sharpest comparisons with the American experience. Both countries are English-speaking democracies with similar demographic profiles. In Australia and in the United States, the median age is 38. Roughly 86 percent of Australians live in urban areas, compared with 83 percent of Americans.

Yet Australia’s Covid death rate sits at one-tenth of America’s, putting the nation of 25 million people (with around 7,500 deaths) near the top of global rankings in the protection of life.

[pepesgrill]

and who was in charge when australia traversed
the covid? who brought country together? scotty

[jackspratt]

Nope.

More like Annastacia, Gladys, Dan, Peter, Steve, Mark, Andrew and Michael.

Never forget - Scotty "doesn't hold a hose, mate"

[Sport]

and who was in charge when australia traversed
the covid? who brought country together? scotty

Nope.
More like Annastacia, Gladys, Dan, Peter, Steve, Mark, Andrew and Michael.
Never forget - Scotty "doesn't hold a hose, mate"

BS Mr Spratt. The PM got them into Oz as quick as the Govt. could after all the tests were done to satisfy the T.G.Association and other agencies. If it was left to the above mob, we still would not have them. I see your still affixed to that filthy greenie Turnbull paper, the guardian lol.

E/Way A.A. and his mate Krudd, have suggested this might be an idea for some Aussies to make a lot of money if they get elected. The Oz $ will be no longer and replaced with the chineeez yuan. So $100 AUD will be 450 yuan, instant millionaires, beauty.

[jackspratt]

You're drinking too much of the Morrison Kool Aid, Sport. Turning you into a bit of a caricature really.

My great fear, and disappointment, is that there are many others like you with the same lack of analysis.

[Whistler]

Health policy is state based, the Commonwealth has limited control. That is why policies varied hugely state by state. Morrison and Hunt failed miserably with a tacit 'let it rip' policy, which is why the import of vaccines (a Federal policy) was woefully late in delivering vaccines to Australia.

State-based policies overrode the draconian border closures. The state-based restrictions delivered far more than Federal involvement.

Want proof of that, the anti lockdown, anti-vax protests were directed at state governments, not Canberra.

[Sport]

You're drinking too much of the Morrison Kool Aid, Sport. Turning you into a bit of a caricature really.
My great fear, and disappointment, is that there are many others like you with the same lack of analysis.

I dont mind the Kool aid, its a refreshing drink after listening and watching the labor & greens party rubbish. Now, if labor gets over the line, will comrade dan from Victoria open the lines of communication with his mate ccp xi to have the belt/road initiative commence, followed by Qld and WA. That is a real fear. Ccp owning Aussie states.

[jackspratt]

Turning you into a bit of a caricature really.

Now, if labor gets over the line, will comrade dan from Victoria open the lines of communication with his mate ccp xi to have the belt/road initiative commence, followed by Qld and WA. That is a real fear. Ccp owning Aussie states.

As I was saying .......

[GT93]

You gotta be winding us up sport? The CCP owning Aussie states?

[tamada]

You gotta be winding us up sport? The CCP owning Aussie states?

They're buying the minerals from underneath the Aussie states. Same same.