Senator Proposes Using Super for Mortgages, Drawing Government Pushback
• Liberal Senator Andrew Bragg proposes allowing people to access super for mortgage offset accounts • This would reduce interest costs but likely require higher interest rates from RBA
• Government wants to legislate super's purpose as retirement income, partly to block housing use
• Labor allowed early super access during pandemic leading to $38B withdrawals
• Industry groups argue super's sole purpose should be retirement income