Much attention will be directed to the outcome of Cabinet committee discussions today in the wake of Prime Minister Malcolm Turnbull signaling his ongoing opposition to people accessing their superannuation to fund home ownership.

Prime Minister Malcolm Turnbull appears to have shut down speculation around young first home buyers being able to access their superannuation to fund a mortgage deposit by directly referring to comments he made nearly 12 months ago that it was a “thoroughly bad idea”.

With a key Cabinet committee due to discuss the housing affordability crisis in the context of next month’s Federal Budget, Turnbull used a media briefing in India late yesterday to note the tenor of the debate in Australia and to reference his earlier views on the issue, in doing so he said he believed the purpose of super was to provide for retirement.

Turnbull’s comments came as elements of the superannuation industry signaled they were gearing up for a campaign opposing such a Budget measure and as senior academics described the proposal as both cynical and short-sighted.

source”times of india”