Former Reserve Bank boss backs superannuation proposal

A former governor of the Reserve Bank has backed a proposal that would allow low-income earners to withdraw some of their superannuation to buy their first home.

Bernie Fraser said it would allow many to buy a home when they might otherwise not be able to afford a deposit.

Tom Elliott also thinks it makes sense.

“I think it’s a good idea, I do,” the 3AW Drive host said.

“Having a house that has hopefully gone up in value over time is as good of an asset in retirement as any.”

Former Prime Minister Kevin Rudd has branded the proposal, being pushed by Liberal MPs, as “fiscally reckless” and would leave workers worse off in retirement.

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