The REIA welcomed the report by the Committee for Economic Development of Australia (CEDA), The Super Challenge of Retirement Income Policy which examines the economic impacts of Australia’s ageing population and decreasing housing affordability.
The President of the REIA, Mr Neville Sanders, said that “the report makes a number of recommendations that are aimed at ensuring a prosperous and dignified retirement for all Australians and calls on government to recognise the role of housing in contributing to a decent retirement”.
“One of the ways that can contribute to this is to allow first home buyers access to their superannuation funds to purchase owner-occupied housing. This is something that REIA has long advocated”.
“Superannuation is an important financial asset of Australian households. Aside from home ownership it is the second most important financial asset with over 80% of all Australian households holding at least some savings in their superannuation account.”
“It needs to be recognised that superannuation and home ownership are both components of a retiree’s nest egg and not competing products. By buying earlier in life retirees have every prospect of having a higher equity on retirement and a larger nest egg on downsizing.”
