Coalition plan allowing first homebuyers to use super could shrink all workers’ retirement savings, industry analysis finds
by Ben Butler from World news | The Guardian on (#5ZD2H)
Industry Super Australia finds returns to members would decrease as funds would have to keep more cash on hand, reducing amount that can be invested
Every Australian worker will be up to $30,000 worse off in retirement under Scott Morrison's flagship policy allowing people to raid their superannuation to help buy a home, according to Industry Super Australia analysis.
In analysis released on Wednesday, ISA, which represents the profit-to-member industry fund sector jointly run by employers and unions, said the move would carve between 0.1 and 0.2 percentage points a year from the returns enjoyed by retirement savers.
Continue reading...