ASFA CEO, Mary Delahunty, said this proposal was rejected at the last federal election, and Senator Bragg has “brought back the same policy which will leave young people behind and entrench intergenerational inequality”.

She said recent ASFA research found allowing early access to superannuation for housing would not make homeownership more attainable for the majority of aspiring first-home buyers and those with low superannuation balances.

The analysis of over 300,000 ATO superannuation records cross-referenced with capital-city property prices showed the people it would help the most are those who already have a larger super balance and income and are more likely to be able to afford a home.

“Australians can see clearly that this type of measure would likely push up house prices by increasing demand-side pressures on the housing market, putting home ownership even more out of reach for most aspiring first-home buyers,” said Delahunty.

"Senator Bragg argues that using super for a home deposit is better than being a lifelong renter, but why does it have to be either-or? Young people and first-home buyers rightly expect to have both dignity in retirement and housing. Unfortunately, Senator Bragg’s proposals risk resulting in neither.”

Delahunty said ASFA would welcome policy proposals from all sides of politics that work towards solving Australia’s housing supply and cost crisis whilst still ensuring dignity in retirement through Australia’s world-class retirement system.