Finance · Euroglobal New
Barnaby Joyce, One Nation’s Treasury spokesperson, says his party has not modelled the potential impact on retirement incomes and inflation from his plan to give millions of households early access to their super savings. In a second combative interview, he stated he was not Jesus Christ and thus could not be expected to know everything. Joyce ridiculed suggestions that One Nation’s proposal should include economic analysis, asking rhetorically, 'Is there an implication beyond it being their money?
Do you model the money you get paid at the end of the week?' He also dismissed concerns about guardrails around early super access, arguing that people are not stupid and would only withdraw funds if it made financial sense. Under the proposal, Australians paying rent or a mortgage—roughly 9 million households—could divert a portion of their superannuation to take-home pay for up to three years. The full 12% compulsory super contribution would still be paid by employers, but 3% could be paid directly to the account holder, taxed at the lower 15% rate.
Modelling by the Super Members Council suggested the average worker would be $25,000 poorer by retirement if the scheme were implemented. Prime Minister Anthony Albanese criticized the plan as a threat to compulsory super rules, stating, 'Once you lose the principle of universality, the policy starts to disappear.' Treasurer Jim Chalmers called the super policy an 'absolute shambles,' noting the lack of clarity on pension spending and broader economic implications.
Source: The Guardian
